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Best Practices to Utilize Your Customer’s Risk Profiles to Increase Revenue and Customer Experience

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Click to learn more about author Stuart Tarmy.

The pandemic has dramatically transformed a number of industries, including online banking and e-commerce. Some 86% of Americans now use online banking and e-commerce in the U.S. This number has exploded by over 44% from last year.

Unfortunately, fraudsters have seized on this spike in online activity to prey on businesses and consumers. Credit card losses in the U.S. are estimated to have hit about $11 billion by the end of 2020 and global losses from payment fraud has skyrocketed from $9.84 billion in 2011 to $32.39 trillion in 2020. In addition, payment fraud is expected to continue its upward trajectory and cost $40.62 billion in 2027, a 25% hike from 2020.

It’s no wonder that fraud protection is top of mind for businesses today.

The Business Perspective

Fraud is expensive and its costs often reach beyond what many organizations even consider. For example, if you have too many chargebacks, credit card companies may raise your interchange fees. They may even yank your ability to accept credit cards if they decide you have too many chargebacks or other fraudulent activities.

Then, there’s the fraud investigation costs, reconciliation expenses, and the blow to your reputation if you have too many “false positives” that wrongly accuse innocent customers, or “false negatives” that allow fraudulent use to continue.

These are all solid reasons to be tackling fraud head on. But there is another, more important reason to address it: It can help you grow your business.

Specifically, if you can better understand your customers’ fraud risk profiles, you will be able to personalize customer offerings tailored specifically to your customers’ individual needs and win a greater share of the market. This will enable you meet your strategic objectives such as boosting customer satisfaction, reducing customer churn, and meeting your revenue, profitability, and growth targets.

Still, the biggest boost can come from setting your business apart from competitors. By using fraud risk analytics to your advantage, you can engage customers in every interaction in their customer experience.

Let me illustrate this with a real-world use case example in the credit card industry. In July 1994, Signet Bank, a small bank in Richmond, Va., decided to spin off its credit card division as an independent company. This new credit card company began life with approximately four million customers and $6.6 billion in credit card loans outstanding – very small by industry standards.

They had goals of growing into a larger company, and their CEO decided to focus intensely on using data analytics to better understand customers, so they could tailor personalized, attractive offers to their customers.

For example, if they had a cardholder who was deemed “high quality” and someone they really wanted as a customer, they would craft an offer that included a lower fee, a lower interest rate, and possibly additional benefits through their loyalty program or co-branded partners. Their objective was two-fold: Offer a card so attractive that the customer would sign up for it and also use it regularly over their other payment options.

On the other hand, if they were contacted by a less desirable customer that they didn’t necessarily value as highly, they would craft an offer that would entice them to sign up, but would have higher fees and interest rates to ensure that the customer would remain profitable despite the perceived risks.   

Their intense focus on data analytics-based marketing worked tremendously, and their credit card portfolio today boasts over 62 million credit card customers and $107 billion in credit card loans outstanding.

You may know this company by the new name they announced in October 1994: Capital One!

Today, Capital One remains intensely focused on data and claims they perform more than 80,000 analytical experiments per year to test potential offerings.

Analyzing Fraud

When chip credit cards made it very difficult for criminals to use them fraudulently, the bad actors turned to easier targets such as identity fraud and card-not-present (CNP) transactions, usually found in either online or phone purchases. In 2018, $24.26 billion was lost in payment credit card fraud worldwide. The U.S – the most fraud-prone country – experienced 38.6% of those losses.

The growing sophistication of criminals has also led companies to develop more sophisticated fraud solutions. While the earliest systems to detect fraud were rule-based, newer solutions use artificial intelligence (AI) and machine learning (ML), which have proven to be more accurate and lead to better results. Typically, AI/ML-based systems use about 10 to 100 attributes to look at over large data sets. Some companies are even moving beyond AI/ML to develop fraud solutions based upon neural network and deep learning.

For example, PayPal has begun using neural nets and deep learning to identify and combat fraud.  These systems can analyze between 1 million to 10 million attributes, which must be processed very quickly (<30 ms) in order to provide a real-time purchase experience. Neural nets/deep learning solutions have shown themselves to be up to 30% more effective than traditional AI/ML-based systems.

If that weren’t enough, there’s another, new area for improving fraud and analytical systems called “explainable AI.” This is sort of an expert system – on top of an expert system – that helps explain how the AI/ML system is actually working and making decisions. This is useful because the better you understand how the “black box” works, they better you can make more meaningful tweaks to improve the system, and you will also be better able to explain to customers how their data is being used. These explanations are also very important for customers to comply with data privacy regulations such as GDPR and CCPA, which require that you be able to tell customers how you use their data and how you are reaching decisions such as why you may have declined them for a credit card. 

It’s critical to remember that no matter where you are in your journey – whether you’re currently using a rule-based system or moving into AI/ML-based solutions – you will require a technology solution that provides the ability for best-in-class performance, e.g., the ability to process data extremely quickly (<20ms) across extremely large data sets (Tbytes, PBytes), and be able to do this with a reduced TCO. This is vital to ensure your business can grow today but also provides a pathway to the future.

The last year has seen an explosion of growth in the e-commerce and online banking arena, but online fraud is also proliferating in tandem. One of the most effective ways that businesses can adapt to this new reality is to utilize sophisticated fraud analytics running on a modern technology platform to provide top performance. This gives businesses a way to not only thwart fraudsters, but better understand the customer, provide more targeted services, improve revenue, and stand out from the competition.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dataversity.net/best-practices-to-utilize-your-customers-risk-profiles-to-increase-revenue-and-customer-experience/

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US Investment Bank Cowen to Offer Crypto Custody Services

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[PRESS RELEASE – Please Read Disclaimer]

May 13th, 2021, Tallinn, Estonia — The new augmented reality matchday programme uses the latest AR technology to let fans bring the players into their living room. The creative concept aims to leverage Sportsbet.io’s matchday rights with the Gunners digitally, recreating the magic of matchday at home.

Augmented Reality Matchday Programme

The activity brings to life all the components of a traditional matchday programme with an innovative twist and includes Captain’s Notes from a virtual Pierre-Emerick Aubameyang alongside player profiles, quickfire interviews, footage from the training ground and an interactive AR squad selector that lets fans pick their team for the match ahead.

With the majority of matches from the 2020/21 season being carried out behind closed doors due to covid-19, the AR programme allows fans to enjoy one of the key elements of their usual matchday routine from the safety of their own home, and keeps them connected to both the players and the club.

Redefining The Fan Experience

Sportsbet.io are using their partnerships in football to redefine the fan experience by combining cutting-edge technology with their cryptocurrency expertise, delivering exclusive experiences that reward Arsenal’s large global fanbase and Sportsbet.io customers. The initiative is a demonstration of Sportsbet.io’s constant drive to innovate and the sportsbook believe that the role of cryptocurrency in sport is only going to increase.

The programme will be hosted on a private Sportsbet.io app and activated via influencers for the remainder of the 20202/21 season. The first two influencer activations went live in April, with world champion freestyler Sean Garnier and Entrepreneur come Gooner, Leo Dasilva.

Arsenal Football Club’s Commercial Director, Peter Silverstone, commented:

“We are always looking for new ways to connect and engage with our global fanbase and give them an incredible experience, whether that’s inside Emirates Stadium or in their own home. Sportsbet.io shares this attitude and approach and it has been fantastic to work together to deliver this new and innovative service to our supporters. Everyone at the club is extremely excited to welcome all our supporters back to Emirates Stadium imminently, but until then this programme is an exciting and innovative way of bringing fans closer to the players, and the action, than ever before.”

Virtual Reality Matchday

This is the second virtual matchday initiative developed by Sportsbet.io’s creative and PR agency Fuse for their Premier League club partnerships, alongside the virtual reality stadium tours delivered with Southampton FC. The initiative was developed by Fuse in response to the Covid-19 pandemic, working as a digital solution to activating matchday rights in a behind-closed-doors environment.

Tim Heath, Founder of the Coingaming Group, said:

“Across all of our Premier League partnerships this season, we have strived to use the latest in tech and innovation to try and bring a little bit of that magic of matchday to the fans at home. We are lucky to have two incredible partners in Arsenal and Southampton, who have got fully behind this mission and helped us deliver some amazing work. We are thrilled to be launching this new AR programme with Arsenal, and can’t wait to make the partnership even bigger and better next year.”

Production of both the 360 virtual reality content and augmented reality content was delivered by award-winning VR & AR agency East City Films.

About Sportsbet.io

Founded in 2016 as part of the Coingaming Group, Sportsbet.io is the leading Bitcoin sportsbook. Sportsbet.io has redefined the online betting space by combining cutting-edge technology, with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience.

Principal sponsors of English Premier League team, Southampton FC and Official Betting Partner of Arsenal Football Club, Sportsbet.io provides an expansive range of betting action across all major sports and eSports, offering players more than 350,000 pre-match events per year and comprehensive in-play content.

As the first crypto sportsbook to introduce streaming across all major sports, as well as a cash out function, Sportsbet.io is recognised as a leader in both online sports betting and within the crypto community.

Sportsbet.io prides itself on its secure and trustworthy betting service, with withdrawal times of around 1.5 minutes among the fastest in the industry.

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Source: https://coingenius.news/us-investment-bank-cowen-to-offer-crypto-custody-services-10/?utm_source=rss&utm_medium=rss&utm_campaign=us-investment-bank-cowen-to-offer-crypto-custody-services-10

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Polkadot Adds Parachain Auctions and Crowdloans to Kusama and Westend

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[PRESS RELEASE – Please Read Disclaimer]

May 13th, 2021, Tallinn, Estonia — The new augmented reality matchday programme uses the latest AR technology to let fans bring the players into their living room. The creative concept aims to leverage Sportsbet.io’s matchday rights with the Gunners digitally, recreating the magic of matchday at home.

Augmented Reality Matchday Programme

The activity brings to life all the components of a traditional matchday programme with an innovative twist and includes Captain’s Notes from a virtual Pierre-Emerick Aubameyang alongside player profiles, quickfire interviews, footage from the training ground and an interactive AR squad selector that lets fans pick their team for the match ahead.

With the majority of matches from the 2020/21 season being carried out behind closed doors due to covid-19, the AR programme allows fans to enjoy one of the key elements of their usual matchday routine from the safety of their own home, and keeps them connected to both the players and the club.

Redefining The Fan Experience

Sportsbet.io are using their partnerships in football to redefine the fan experience by combining cutting-edge technology with their cryptocurrency expertise, delivering exclusive experiences that reward Arsenal’s large global fanbase and Sportsbet.io customers. The initiative is a demonstration of Sportsbet.io’s constant drive to innovate and the sportsbook believe that the role of cryptocurrency in sport is only going to increase.

The programme will be hosted on a private Sportsbet.io app and activated via influencers for the remainder of the 20202/21 season. The first two influencer activations went live in April, with world champion freestyler Sean Garnier and Entrepreneur come Gooner, Leo Dasilva.

Arsenal Football Club’s Commercial Director, Peter Silverstone, commented:

“We are always looking for new ways to connect and engage with our global fanbase and give them an incredible experience, whether that’s inside Emirates Stadium or in their own home. Sportsbet.io shares this attitude and approach and it has been fantastic to work together to deliver this new and innovative service to our supporters. Everyone at the club is extremely excited to welcome all our supporters back to Emirates Stadium imminently, but until then this programme is an exciting and innovative way of bringing fans closer to the players, and the action, than ever before.”

Virtual Reality Matchday

This is the second virtual matchday initiative developed by Sportsbet.io’s creative and PR agency Fuse for their Premier League club partnerships, alongside the virtual reality stadium tours delivered with Southampton FC. The initiative was developed by Fuse in response to the Covid-19 pandemic, working as a digital solution to activating matchday rights in a behind-closed-doors environment.

Tim Heath, Founder of the Coingaming Group, said:

“Across all of our Premier League partnerships this season, we have strived to use the latest in tech and innovation to try and bring a little bit of that magic of matchday to the fans at home. We are lucky to have two incredible partners in Arsenal and Southampton, who have got fully behind this mission and helped us deliver some amazing work. We are thrilled to be launching this new AR programme with Arsenal, and can’t wait to make the partnership even bigger and better next year.”

Production of both the 360 virtual reality content and augmented reality content was delivered by award-winning VR & AR agency East City Films.

About Sportsbet.io

Founded in 2016 as part of the Coingaming Group, Sportsbet.io is the leading Bitcoin sportsbook. Sportsbet.io has redefined the online betting space by combining cutting-edge technology, with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience.

Principal sponsors of English Premier League team, Southampton FC and Official Betting Partner of Arsenal Football Club, Sportsbet.io provides an expansive range of betting action across all major sports and eSports, offering players more than 350,000 pre-match events per year and comprehensive in-play content.

As the first crypto sportsbook to introduce streaming across all major sports, as well as a cash out function, Sportsbet.io is recognised as a leader in both online sports betting and within the crypto community.

Sportsbet.io prides itself on its secure and trustworthy betting service, with withdrawal times of around 1.5 minutes among the fastest in the industry.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingenius.news/polkadot-adds-parachain-auctions-and-crowdloans-to-kusama-and-westend-10/?utm_source=rss&utm_medium=rss&utm_campaign=polkadot-adds-parachain-auctions-and-crowdloans-to-kusama-and-westend-10

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Sportsbet.io and Arsenal FC Launch Augmented Reality Matchday Programme

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[PRESS RELEASE – Please Read Disclaimer]

May 13th, 2021, Tallinn, Estonia — The new augmented reality matchday programme uses the latest AR technology to let fans bring the players into their living room. The creative concept aims to leverage Sportsbet.io’s matchday rights with the Gunners digitally, recreating the magic of matchday at home.

Augmented Reality Matchday Programme

The activity brings to life all the components of a traditional matchday programme with an innovative twist and includes Captain’s Notes from a virtual Pierre-Emerick Aubameyang alongside player profiles, quickfire interviews, footage from the training ground and an interactive AR squad selector that lets fans pick their team for the match ahead.

With the majority of matches from the 2020/21 season being carried out behind closed doors due to covid-19, the AR programme allows fans to enjoy one of the key elements of their usual matchday routine from the safety of their own home, and keeps them connected to both the players and the club.

Redefining The Fan Experience

Sportsbet.io are using their partnerships in football to redefine the fan experience by combining cutting-edge technology with their cryptocurrency expertise, delivering exclusive experiences that reward Arsenal’s large global fanbase and Sportsbet.io customers. The initiative is a demonstration of Sportsbet.io’s constant drive to innovate and the sportsbook believe that the role of cryptocurrency in sport is only going to increase.

The programme will be hosted on a private Sportsbet.io app and activated via influencers for the remainder of the 20202/21 season. The first two influencer activations went live in April, with world champion freestyler Sean Garnier and Entrepreneur come Gooner, Leo Dasilva.

Arsenal Football Club’s Commercial Director, Peter Silverstone, commented:

“We are always looking for new ways to connect and engage with our global fanbase and give them an incredible experience, whether that’s inside Emirates Stadium or in their own home. Sportsbet.io shares this attitude and approach and it has been fantastic to work together to deliver this new and innovative service to our supporters. Everyone at the club is extremely excited to welcome all our supporters back to Emirates Stadium imminently, but until then this programme is an exciting and innovative way of bringing fans closer to the players, and the action, than ever before.”

Virtual Reality Matchday

This is the second virtual matchday initiative developed by Sportsbet.io’s creative and PR agency Fuse for their Premier League club partnerships, alongside the virtual reality stadium tours delivered with Southampton FC. The initiative was developed by Fuse in response to the Covid-19 pandemic, working as a digital solution to activating matchday rights in a behind-closed-doors environment.

Tim Heath, Founder of the Coingaming Group, said:

“Across all of our Premier League partnerships this season, we have strived to use the latest in tech and innovation to try and bring a little bit of that magic of matchday to the fans at home. We are lucky to have two incredible partners in Arsenal and Southampton, who have got fully behind this mission and helped us deliver some amazing work. We are thrilled to be launching this new AR programme with Arsenal, and can’t wait to make the partnership even bigger and better next year.”

Production of both the 360 virtual reality content and augmented reality content was delivered by award-winning VR & AR agency East City Films.

About Sportsbet.io

Founded in 2016 as part of the Coingaming Group, Sportsbet.io is the leading Bitcoin sportsbook. Sportsbet.io has redefined the online betting space by combining cutting-edge technology, with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience.

Principal sponsors of English Premier League team, Southampton FC and Official Betting Partner of Arsenal Football Club, Sportsbet.io provides an expansive range of betting action across all major sports and eSports, offering players more than 350,000 pre-match events per year and comprehensive in-play content.

As the first crypto sportsbook to introduce streaming across all major sports, as well as a cash out function, Sportsbet.io is recognised as a leader in both online sports betting and within the crypto community.

Sportsbet.io prides itself on its secure and trustworthy betting service, with withdrawal times of around 1.5 minutes among the fastest in the industry.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingenius.news/sportsbet-io-and-arsenal-fc-launch-augmented-reality-matchday-programme-10/?utm_source=rss&utm_medium=rss&utm_campaign=sportsbet-io-and-arsenal-fc-launch-augmented-reality-matchday-programme-10

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Cuba to Fight Financial Disturbance by Potentially Adopting Crypto

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The government officials of Cuba examine crypto adoption as an instrument to overcome financial turbulence in the country. This comes a few weeks after the Cuban authorities started discussing the implementation of digital assets in the economy.

Crypto vs. Monetary Turmoil

The economic situation on the island of Cuba suffered heavy setbacks due to the consequences of the COVID-19 pandemic. Moreover, the government implemented crippling sanctions on the residents, which had a catastrophic effect on the local economy.

As Periodico Cubano reported, the president of Cuba – Miguel Díaz Canel – together with the country’s authorities, now plan to face these issues with the help of cryptocurrencies. According to the coverage, Díaz Canel discussed the possible benefits of crypto adoption in the country.

Additionally, he revealed his intentions to ”keep informing the public” about any implementations regarding the matter. However, Díaz-Canel alerted about the ongoing crypto scams on the island, calling them ”investment pyramid schemes.”

The president’s intentions did not come as a surprise. Last month the Congress of the Communist Party of Cuba (PCC) put ahead proposals that might contain finding out how digital assets can boost the shattered economy of the country.


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Back in 2019, the Cuban authorities made a similar announcement on how cryptocurrencies can deal with the country’s monetary issues. The Minister of Economy and Planning then said:

”We are considering studying the application of cryptocurrencies in national and international commercial matters. Measures of this type can allow us to move forward. We have to look for alternative means to solve economic problems.”

Similar Situation in Kenya

The move of the Cuban government to fight its financial issues with the help of cryptocurrencies is not the only global example. As CryptoPotato previously reported, Kenya’s Central Bank explored the option of using Bitcoin to boost its depreciating Shilling.

The Kenyan local currency has been on a downward trend for the past few decades and has lost nearly 50% of its value compared to the US dollar since 2010. In the past year alone, the Shilling registered a decline of 10% against the greenback.

Consequently, the Central Bank of the African country came with a plan to switch its national currency to Bitcoin. Although such a move sounds utterly risky, as no government has done it so far, Central Bank Governor Patrick Njoroge revealed his confidence in the possible project:

”Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the IMF. This has led to too much pressure on the Kenyan Shilling, and this has a negative effect on the economy. Bitcoin will put an end to this.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingenius.news/cuba-to-fight-financial-disturbance-by-potentially-adopting-crypto-7/?utm_source=rss&utm_medium=rss&utm_campaign=cuba-to-fight-financial-disturbance-by-potentially-adopting-crypto-7

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