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March 7, 2024 - Greg Oprendek

Can You Use the DataVisor Platform to Build Your Own Fraud Solution?

Should you buy a fraud solution or build one yourself? That’s a tough question every financial institution (FI) faces, but it’s an especially difficult decision for smaller, agile FIs like fintechs. In the end, it comes down to your internal resources, fraud prevention needs, budget, and growth goals.

If you’ve already built a fraud solution, can you use a third-party solution to improve it? That question is much easier to answer. Yes, you absolutely can use a third-party solution, specifically the DataVisor fraud and risk platform, to make your fraud solution holistic, modern, and future-proof.

Your in-house solution affords the benefit of your organization controlling all updates and customizing your solution. However, this also requires you to put in the work and dedicate your team’s hours to keeping your fraud solution up to date in guarding against new emerging fraud attacks. Staying compliant with regulations is another big challenge, especially for fintechs and sponsor banks working together in BaaS.

No matter what you do, you want to have a modern fraud platform that centralizes your data sources in one place for easier decision-making, better overall detection and prevention, and fits your growth strategy. Here’s why you not only can, but should, use DataVisor as a part of your own custom-built fraud solution, whether you have one in place or plan to build it in the future.

Get the flexibility to support importing data from every source

Unveiling fraud attacks, crime rings, and fraudulent activity in general comes down to data. You likely already pull data from a myriad of sources. When you import that data into your solution, you want a seamless way to view it and make decisions based on it.

When you integrate DataVisor into your fraud solution, you can create your own schema and map it to the fraud attacks you see most. Other rigid solutions with large schemas can’t allow you to do this. They need you to adapt to what they provide, which is not intuitive to having a solution custom fit for your needs.

If you want high customizability, complete control over your schemas, and the ability to pivot and make changes as soon as they’re needed, DataVisor is the fraud solution you need to integrate.

Increase decision-making efficiency through custom decision flows

Decision-making, whether done automatically through supervised machine learning and rules or through adaptive unsupervised machine learning, is critical in preventing fraud attacks. Your decision flows will be unique not only to the attacks you face, but the way your organization operates, your customer interface, and your unique offerings.

With DataVisor’s platform, you construct your own decision flows. DataVisor supports the user flow and experience that you and your team want. Make the right approvals and fraud prevention decisions based on DataVisor’s data and highly accurate fraud detection system. DataVisor’s real-time analysis and decisioning are completely customizable, as well.

Take, for example, how financial services platform ONE utilizes DataVisor in their fraud solution. The customer journey is critical for ONE, as their mission is to help their customers live healthier financial lives by giving them a single app to save, spend, grow, and borrow money. DataVisor brings the features and, as ONE’s Head of Platform Strategy Peter Senchenkov calls it, “a second-to-none data ingestion platform.”

The platform, Peter goes on to explain, “is able to intake data from a variety of sources in a very seamless manner, put them into the feature store, generate features, and expose them to the rules decisioning engine and ML studio. The way that DataVisor has stitched these capabilities together, packaged them up, and made them so seamless is a huge accelerant to our business.”

Empower your fraud defense by building on top of DataVisor’s customizable platform

The battle against fraudulent activities is a constant challenge. Fraud attacks are always changing and fraudsters’ tactics are always evolving. That means you need to have a fraud solution that evolves even faster. DataVisor offers a potent blend of fraud prevention capabilities that allow you to construct a robust, customized platform tailored to your specific needs.

DataVisor’s versatility is exemplified in its capacity to be finely tuned to address your specific use cases. Developing an in-house solution is an arduous task that demands significant time and an in-depth understanding of the intricate nuances of fraud detection.

DataVisor enhances the work you’ve already done and takes it to the next level, streamlining the fraud detection and prevention process by covering the most crucial aspects. When leveraging the DataVisor platform, you gain access to a comprehensive suite of tools that are not only adept at addressing current fraud challenges but also equipped to anticipate and counter emerging threats. The result is a future-proof defense mechanism that operates in real time, offering unparalleled security for your digital ecosystem.

Seamlessly integrate DataVisor into your digital banking ecosystem

As a modern FI, you need to be agile and provide your customers not only with a great experience but a comprehensive fraud strategy that keeps them safe. DataVisor supports this, allowing you to reduce friction to keep more customers while still proactively detecting and preventing even the most sophisticated fraud attacks.

With many legacy solutions, you’ll have to bucketize your business operations based on your fraud solution and what it can cover. This means you’re also “bucketizing” the customer experience while likely creating risk decision silos. Between the damage to customer experience and lack of holistic detection, you could lose revenue and customers if things don’t work exactly right.

With DataVisor, you can avoid scenarios that hinder a smooth customer ecosystem. For example, if a customer applies for a payment card and then needs to set up multi-factor authentication, you don’t want them to be stuck dealing with a customer communication team that doesn’t have the data they need because only the application team has it. These silos ruin both your fraud prevention and customer experience. DataVisor’s seamless integration gives you full visibility, eliminating data silos and increasing operational efficiency so you can continue to improve customer experience.

DataVisor fits into your preferred business workflow

Other turnkey solutions on the market can contain too much rigidity to support your needs. These solutions are fixed, making them difficult to tailor and customize. This forces your FI to follow that solution’s workflow instead of working within your own. DataVisor integrates with your existing solution to cover all your use cases and allows fraud analysts and investigators to use one single tool to design and deploy risk analysis and investigate potential fraud behavior.

Onboarding new customers could not be easier than it is with DataVisor. Because the platform fits with how you onboard and screen for risk, you can add industry-leading account protection and application screening to keep fraudsters out while allowing good customers to have a smooth experience. Once onboarded, you can also track the behavior of new users immediately.

The onboarding process can be highly tailored to your digital app or ecosystem with DataVisor, too. You can easily call on DataVisor’s API for data ingestion at any point. Because it has such flexible data ingestion, you can use data at any point for either batch or real-time fraud analysis.

You’ll be able to easily configure post-backs from the DataVisor system into your own. DataVisor is built to effortlessly feed into your systems, allowing you to integrate the platform with all of your third-party data providers.

Learn how to build the best possible fraud solution by adding DataVisor to your stack

It is possible to get the best real-time ready, proactive fraud prevention on the market in your current fraud solution. The answer is adding DataVisor as a robust, holistic detection tool upon which you build your custom solution. With DataVisor, you can orchestrate data from different sources in one place and utilize all that data and the platform’s features in real time. You can leverage specific pieces of the platform that fit best within your solution, or use it as a base upon which you create a customized fraud prevention platform.

See exactly how DataVisor’s fraud platform would look as a part of your solution when you book a customized demo to walk through the platform with our team.

about Greg Oprendek
Greg is a passionate digital marketer, avid basketball fan, aspiring fraud expert, and Content Marketing Manager at DataVisor.
about Greg Oprendek
Greg is a passionate digital marketer, avid basketball fan, aspiring fraud expert, and Content Marketing Manager at DataVisor.