Merchants and payments providers can't wait until fall to lock down fraud defenses for the holiday rush. Fraudsters are already probing for weak spots, building synthetic identities, and testing stolen credentials months ahead of peak season.
In this article in the August issue of Digital Transactions' magazine, LegitScript's Dan Frechtling helps explain how retailers need months to prepare for the holiday shopping season:
“If you want to have your fraud-detection models effective and stable by Black Friday, you need to start in the summer building and/or optimizing them,” Frechtling said. “Fraud-model retraining, validation, threshold tuning, and A/B testing against production traffic realistically take a full quarter.”
Download the August issue to read the full story.