Payment Card Fraud Trends in South AfricaNedbank's Deon Louw on How to Counter Card-Not-Present Fraud
In order to counter card-not-present fraud, banks need user and entity behavior analytics - or UEBA - and artificial intelligence says Deon Louw, head of fraud, RBB at Nedbank in South Africa.
"Since customers continue to order online [everything] from television sets to food, banks are looking at transactional behaviors in a real-time environment. We are leveraging AI to look at that because we are all creatures of habit," says Louw, and knowing a user's habitual behaviors can help indicate when a change from the usual pattern, which could indicate fraud, is occurring.
"We are also looking at behavioral biometrics of devices and laptops, so we can get clients to profile themselves while interacting with banks or on a purchase platform and work out a risk score as well as monitor where those transactions are going," he says.
In a video interview with Information Security Media Group, Louw also discusses:
- Current card fraud trends in the South African market;
- How banks are building their technology stacks to counter card fraud;
- Fraud trends expected in 2022.
As head of fraud, RBB at Nedbank in South Africa, Louw is responsible for the bank's card, payment and transactional fraud environment. This includes authorizations, detection, administration, and investigations.