Amazon has been steadily at work increasing their presence of more solutions for businesses to scale just like them. Now Amazon’s own fraud solution has been released which is sure to get the attention of a few of their competitors. When I first heard of them in beta I believed it would be an advanced tool that would be too complex for most businesses to implement therefore making it a small player. After doing an analysis of the released version this week I believe other fraud solutions should be worried. Hopefully, this extra competition will kick off further innovation.
Setting up a model and the training requires minimal development skills or even a data scientist. It is all straightforward that even someone in business or fraud management could learn to configure. The only process that requires some development is that integration on your app or site with their API. Once there are plugins or simple install scripts then Amazon’s fraud detector won’t take anymore in setup than other plug and play offerings. While I haven’t able to test Amazon’s scoring against other fraud tools the ease of setup so far makes it a strong choice to at least run it alongside your existing solutions. In the future hopefully we won’t even need to upload a training dataset as some businesses are new to fraud prevention would like to leverage Amazon’s predictions. The costs are extremely low too as with most Amazon products.
The main selling point as business is using the same models/tools Amazon has to prevent fraud. Who wouldn’t want to be able to have similar access to data from one of the largest presences on the web? The problem with AI and machine learning is the one with the biggest dataset is going to win. It forces everyone into these massive platforms to be the most efficient. Next the ability for high customization and custom models for your business will hopefully allow the detection to work for many aspects of your business. No longer do you need to buy multiple products or piece together a solution for each type of fraud. You can stop many types and it seems their list is only growing. One concern might be that data is shared with Amazon but they specifically state it’s not. Your customer data is actually more private as nothing is shared through networks like many fraud tools, which might be a con for some. Overall, the release is impressive and we should pay attention as their product evolves over the next year.