Software vendors often present their technology as a magic solution that will keep companies one step ahead of fraudsters. But companies’ counter fraud teams know it’s not that simple.
To start, digital commerce systems and processes are inherently complex. In any complex system, there will always be vulnerabilities that fraudsters can exploit. And until those vulnerabilities are discovered, there is no way to mitigate them.
Secondly, these systems must constantly evolve to meet changing customer needs; whenever a change is made, there’s a risk of introducing new vulnerabilities.
Lastly, fraudsters are continually probing these systems to find the slightest weakness.
So, is the idea of a counter fraud strategy then a myth, or is it something realistically attainable?