What is Optimize? A unique perspective on fraud & risk management


Written by Elishba Braich

Published January 2021

In this article...

How much potential revenue are you writing off because of fraud? Whether because of cybercrime, card payment fraud or simply because you’re accepting fewer customer transactions as a result of being cautious, most businesses have come to accept some degree of loss.

At Pay360, we knew there had to be a more effective way to cut down on fraud whilst reducing the burden on business operations, which is why we’ve been working on a new solution – Optimize

Using the very latest anomaly detection technology, Optimize simplifies fraud and risk management with intuitive tools so businesses can balance the need to prevent cybercrime and detect fraud early with being able to accept more genuine customers, more quickly.

A full-service fraud and risk platform

Optimize is a comprehensive identity and fraud management suite, split into modules so you can tailor the solution to meet your requirements. We know successful companies never stand still, which is why we’ve built in flexibility for the solution to meet your evolving needs as your business grows.

Using our powerful fraud engine, you can build payment acceptance rules to suit specific scenarios, from simple checklists to complex strategies. Not only does this ensure rules meet your risk appetite at any particular time, but it also results in a much better customer experience, with the consumer experiencing a seamless, friction-free journey as they make their payment. This is powerful, both in terms of customer onboarding – ensuring genuine customers aren’t being put off their decision to transact with you – and in terms of longer-term retention as they form a positive impression of your business.

The automated workflow management system makes it easier for teams to work within service level agreements for time-sensitive, business critical work by enabling you to prioritise deferred tasks across global teams. The result? Teams become more efficient, high value tasks are resolved more quickly and your operational costs are reduced.

Of course, successful decision-making relies on having the right intelligence in the first place, which is why Optimize encompasses multiple data sources to select from when you’re creating your bespoke rules. Thousands of unique data points are available for global intelligence gathering, social media analysis and enhanced identity verification, to expose suspicious behaviour as early as possible.

Really know your customer with market-leading analytics

With configurable acceptance rules, automation and numerous data points to reference, Optimize is indeed a valuable platform in the fight against fraud. But where it really comes into its own is its capacity to transform decision-making, using dashboards and a unique form of analytics.

Visually-appealing dashboards quickly make sense of huge amounts of customer information to highlight statistical variances, trends and outliers for quicker analysis and insight, leading to better, faster business decisions.

We’re particularly proud of our market-leading risk mining tool, which highlights hidden relationships and customers’ behavioural footprint by visualising data as a 360° view. If this is the first time you’ve heard the term ‘risk-mining’, that’s because this tool really is the first of its kind – next-generation link analysis technology.

The interactive, real-time data visualisations connect anomalies using visually appealing node connections which starburst out to show more and more information about that customer, and who they have links with. This allows analysts to uncover fraudulent behaviour instantly, streamlining decision-making for faster, more informed decisions than ever possible before.

Who benefits from using Optimize?

The short answer is anyone looking to maximise revenue can help save money for their organisation with Optimize –from financial services such as insurance and loans, to gaming and retail businesses.

It’s not just for the private sector – central and local government receive payments from citizens and can protect this essential income much more effectively with Optimize.

Offering global relevance for anti-money laundering (AML) and Know your Customer (KYC), Optimize is a powerful tool for organisations around the world to equip their fraud and risk teams with what they need to easily uncover and reject suspicious activity, ensuring better, faster business decisions to improve acceptance rates and increase revenue.

Talk to us now to find out how you can help save money for your business with Optimize

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