I recently chatted with Michaela Verstraeten as part of our Podcast series. Michaela has been an advisor to Ravelin more or less since we started, someone whose experience and knowledge we tap into to keep us honest and focused in developing our product for retail.
In the most recent recording, we discussed what fraud systems look like today. In particular, we talked about the complexity and integration issues that exist as merchants have built up a hodge-podge of solutions over time to help them manage fraud. Michaela recommends that fraud managers take a cold-eyed review of the systems that they have in place and look to see what they can do to reduce this complexity. Michaela calls this a Fraud Healthcheck.
The Healthcheck is a great way to surface any potential technology gaps that might exist in a business. Is a machine learning capacity something that would make sense for the business? Perhaps, but Michaela had a very interesting analogy for machine learning, comparing it to a new team member but one that is really really good at processing data! The important takeaway is that rather than seeing ML and AI as a threat, smarter businesses and analysts should see it as a complementary skill set, one that will make them much better at detecting fraud patterns in a sea of data.