Faith Aliyu, a seasoned Credit and Fraud Risk manager, has pioneered the development of innovative solutions to mitigate fraud, particularly in online transactions.
According to her, the rapid growth of e-commerce with millions of transactions processed every minute has made fraud risk management a critical aspect of financial security.
Faith, who has over five years of experience working as a credit and fraud risk manager at American Express, has handled numerous fraud cases across the United States, gaining profound insights into the complexities of financial fraud.
The financial security expert explained that she has leveraged systemic algorithms to enhance security for customers and their transactions, adding that she now advocates for incorporating these advanced techniques within Nigeria’s financial institutions, as the country greatly suffers from several fraud attacks.
Faith’s expertise lies in understanding the authorization processes of online financial transactions and the associated risks.
With her innovation, she proposes a real-time detection system for high-risk and fraudulent transactions, utilizing machine learning models to ensure immediate identification and alerts. According to her, this system aims to prevent the authorization of transactions if all high-risk conditions are met.
Despite the challenges posed by evolving fraudulent strategies, Faith emphasized the importance of incorporating artificial intelligence into fraud detection systems. She opined that by using historical data, these AI-driven systems can learn to identify anomalies in customer behavior patterns, detecting when something deviates from the norm.
The credit and fraud risk manager asserted that documenting customer transactional patterns and establishing strong relationships with credit bureaus is essential for effective fraud investigations. “Ideally, most financial transactions and customer patterns should not deviate from the norm,” she explained.
Continuing, she explained that her strategic expertise is evident in the fraud detection initiatives she developed at American Express, including designing a portal that assigned high-risk fraud cases to customer representatives and facilitated their resolution. She added that strategic initiatives represent a forward-thinking approach that could revolutionize fraud risk management on a global scale.
“Nigerian financial institutions can overcome fraud challenges by adopting these advanced systems at the core of their services. These institutions can significantly enhance their fraud risk management capabilities by utilizing artificial intelligence,” she stated.
“My contributions to the field highlight the critical role of technology in safeguarding financial transactions and underscore the potential for significant improvements in financial security through innovative solutions. As fraud threats continue to evolve, this pioneering work serves as a beacon for financial institutions worldwide, demonstrating that the fight against fraud can be won with the right tools and strategies.”
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