Flexibility
Fraud detection systems that are too rigid can lead to slow order response times or high levels of unauthorized rejections. If this happens, you’re faced with a new problem: unhappy customers who leave your website to buy from your competitors.
Your best bet is to arm yourself with as much consumer and market information as possible in advance so that you’re ready when a customer does make a purchase from your online store.
This may involve some work on your part. For example, a good practice is to collect data from approved and rejected transactions to compare new orders to both data profiles. You can also connect to a fraud protection network, which can provide data from multiple merchants.
Additionally, staying on top of emerging fraud uk consumer data list in general—whether through your own reporting or by partnering with a fraud protection service—will help you avoid being caught off guard.
Your ultimate goal is to arm yourself with data to make more informed decisions than a closed security system would be able to make.
Open Mind
Keeping an eye out for fraud warning signs is an important part of staying ahead of the threat, but having flexibility in your protection system can go a long way toward maintaining positive customer service.
In other words, a red flag should be exactly what it sounds like—an indication that a transaction may be fraudulent, not definitive proof that it is, in fact, fraudulent.
Automatically rejecting an international purchase order, or a request for different billing and receiving addresses, for example, can lead to lost customers. These are red flags, yes, but they require careful inspection before a final decision is made.
While your online fraud protection system should certainly alert you to suspicious orders, these signs should prompt further investigation rather than order cancellation, which could lead to termination of the customer relationship.
The goal is to provide the ideal consumer experience – as safe as it is convenient.
What would that experience look like? It would start with a comprehensive cyber fraud prevention service that combines expert human analysis with automated computer analysis. This will bring you a world of information far beyond your in-house expertise.
The result will be a shopping cart process that isn’t bogged down by rejected transactions, confirmation phone calls, or cumbersome authentication procedures, and isn’t followed by the tedious work of fraud remediation.
If your fraud protection doesn’t fit this ideal scenario, contact us to learn more about how we can help you get there.