It is every business’s most dreaded fear. A new customer visits your site, browses your products, and makes a purchase. The problem? Some of their behaviors seem suspicious. Is this new customer a fraudster or a legitimate shopper? You don’t want to risk fraud losses, so you block the transaction. It turns out you were wrong, and the new customer was a real buyer who will never shop with you again.
The story above has played out countless times for businesses across the internet. But the dilemma remains. How can you minimize fraud while providing an excellent customer experience to legitimate customers? Here are four fraud prevention services that help with just this scenario.
Digital identity: Help identify if a new customer is a fraudster
Data breaches are common these days. It seems like every week another major company is in the headlines for a cyber breach that exposes the passwords, email addresses, and other personal information of countless customers. The data is then sold on the dark web and later used by criminals to take over existing accounts and open new fraudulent ones.
All this stolen information makes it painfully difficult for companies to distinguish legitimate customers from criminals. Is a real customer trying to make a purchase? Or is a fraudster hiding behind stolen customer credentials? The stakes are high. You can flag the transaction as fraudulent and risk upsetting a real customer (as mentioned earlier). Or you can let the purchase go through and risk fraud losses. Neither option is good.
Device intelligence: Identify dubious devices
As online shopping has increased, fraud prevention has become a greater concern for businesses. A fraud prevention solution helps you better identify dubious behavior and answer questions such as in which country or city is the device located in, what is the time zone setting, and how many accounts has this device accessed?
Ubisoft is a leading creator, publisher, and distributor of interactive games such as the Tom Clancy video game series. When Ubisoft launched its eCommerce site, it implemented the Accertify Fraud Management solution so it could easily detect fraudsters who rigged their geolocation to purchase in-game content using a weaker currency in a different country. Accertify’s solution supported to stop this practice, protecting the integrity of the game from fraudsters who were trying to gain an unfair advantage and reducing Ubisoft’s fraud up to 75% during peak periods.1
Machine Learning: Reduce your fraud team’s review rate
These days, fraud teams are overwhelmed with a flood of transactions to review. When done manually, it creates a bottleneck in the business, slowing down product delivery for customers and hurting your business growth. Machine learning speeds this process up. Without human intervention, it automatically flags dubious account behavior, approves purchases from trusted customers, and reveals fraud trends. This can greatly reduce your fraud team’s review rate.
An effective machine learning platform provides community data to reveal deep insights, showing you whether a new customer’s email address, credit card, or other personal details have been used at other businesses. By doing this, you get valuable information on this new customer. You can understand legitimate vs fraudulent buying patterns, which allows you to make a more informed decision as to whether a fraudster is at work.
Fraud prevention tools exposing bad actors
Discerning valid from fraudulent transactions is a constant challenge for fraud teams, but tools are available to help you with the process to help you gain valuable insights on transactions and can lower your fraud costs.
If you’d like access to all the tools above, Accertify’s comprehensive account protection, fraud prevention and chargeback management solutions offers all this and more. It’s packed with the most advanced fraud prevention solutions to protect your business from today’s threats and tomorrows.
To provide you the most value, our expert team of former in-house fraud and risk managers is on hand to assist you. They can help you implement a fraud prevention solution that protects your organization from bad actors while providing an excellent experience for customers.
Contact us to request a consultation.
Source:
1Client data – Ubisoft Case Study https://www.accertify.com/case-studies/ubisoft/