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The concept of global data networks and their uses in fraud mitigation isn’t new or foreign. Any business leader in charge of a risk team is familiar with adopting crowdsourced data ecosystems that can enhance fraud detection or prevent loss induced by illegal activity. And while global data networks bring certain advantages in counteracting the efforts of external malicious actors, many of those same leaders who adopt global networks find themselves dissatisfied with fraud loss amounts they are forced to write off as “the cost of doing business”. In this post, we’ll cover circumstances under which the efficacy of global fraud data networks diminishes, and a secondary (though equally impactful) strategy risk leaders can adopt to cover the detection gaps introduced by those same circumstances: enriching their first-party data ecosystem for specialized fraud modeling. |
