The importance of flexible real-time dynamic fraud tools
While fraud is an ever present and growing issue for Australian businesses, with the right technology you can start to reverse the trend to protect your business. That’s the importance of having flexible, real-time dynamic fraud tools.
When it comes to eCommerce, there are plenty of flexible, real-time dynamic fraud tools available to help you and your business keep ahead of the game. It’s necessary to note, though, that the days of set-it-and-forget-it are long gone. And it’s important to realise you have to “play a game” against these fraudsters to remain vigilant against a cyber attack. You should establish and put fraud control practices in place to enable your business to flourish.
If you’re setting up an eCommerce site, for example, you might be so busy with the mechanics of it such as establishing a new market, adopting an aggressive marketing and promotions plan or program and it’s all happening so fast you need a protective system to be in place that can move with you at the same pace, if not faster.
You will need an expert team who can help you develop a fraud strategy that is in complete harmony with your business strategy. It’s a delicate balance between fighting fraud while growing your business. Your fraud control strategy needs to mirror and enhance those organisational goals. Unfortunately, many companies don’t know how hard it is to fight fraud and beat it, without hurting their core business.
But many large corporations and small-to-medium businesses do, including airlines, banks, insurance companies, retailers and the like. One international airline, for example, realised that as its international customer base grew, so did its incidents of online fraud. Tools used to clamp down on this rise included short notice booking prioritisation in the fraud screening process and the ability to view key transaction trends quickly with an online fraud prevention tool.
Another available fraud tool analyses hundreds of relevant variables and activity across the globe in real-time, providing accurate fraud protection thanks to proven technologies based on the specific needs of each customer, minimising fraud loss and the need for manual review of orders.
It’s important to be aware that a high performance fraud management system must interlock functions across a range of customer interaction contexts, payment methods and fraud detection approaches. It is important to have a fraud control service that offers speed and flexibility to perform comprehensive fraud control checks at each interaction point, such as pre-or-post authorization.
Managing these tools is complex which is one of the reasons many merchants, including those handling credit cards, have recognised the need to work with an experienced security service provider to orchestrate, administer and oversee the fraud tools and processes required.
Find out how IP Solutions can help you reduce your financial exposure.
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