Today’s digitally transformed enterprise conducts business online in real time – little human intervention is involved. This reduces costs and improves the customer experience. However, it exposes the enterprise to serious threats of fraud from sophisticated cybercriminals who try to take advantage of the online channel’s relative anonymity and accessibility. In e-commerce, transactions can be maliciously created via compromised accounts and stolen payment instruments
A key difference in E-Commerce fraud compared to any other fraudulent activity is that criminals do not even need a physical card for their actions.
For a false transaction to occur between a marketplace and a customer bank account only card information is required.
There are multiple ways to steal customer’s information, that’s why online payment fraud detection deserves to be managed separately.
Chargeback Fraud examples:
A customer buys a massive order and cancels the order right after the shipment, receiving goods without any payment.
A criminal, acting as a customer, gets in touch with the banking institution and claim his identity was stolen, and by this cancel the transaction
A scammer claims he never received the delivery and asks for another delivery.
For the business, it takes time and effort to properly investigate each case, so it will lose money no matter what the outcome. It’s even harder to distinguish real criminal activity from “friendly fraud” –i.e. genuine mistakes by your operation or by the real customer.
Other malicious activities include:
account takeover,
abuse of free trials,
fake product reviews,
warranty fraud,
refund fraud,
reseller fraud,
abuse of program discounts.
Such activities, affect the enterprise’s profitability and reputation and may also have serious consequences for society. Examples include money laundering and posting fake news
Dynamics 365 Fraud Protection is a cloud-based solution.
It is designed to help e-commerce merchants
decrease fraud costs,
increase acceptance rates,
improve the customer shopping experience.
Prevent payment and account-creation fraud with adaptive AI technology.
Get the benefit of connected knowledge from all Dynamics 365 Fraud Protection merchants for better fraud insights.
Improve customer service with the built-in escalation support.
The return on investment (ROI) for cybercrime online fraud is high, and it’s likely that most of an enterprise’s vulnerabilities will be discovered and exploited. Additionally, unlike during the early years of the internet, today’s fraudulent transactions can be orchestrated by well-funded and well-equipped rings of professionals. Fraud protection professionals need the right tools to fight this threat
By using Fraud Protection, you can help protect your business from fraud through several innovative and advanced capabilities. Here are some examples:
AI and insights from the fraud protection network
Device fingerprinting
A rules engine and virtual fraud analyst
A graph explorer and scorecard
A transaction acceptance booster
PURCHASE PROTECTION
1. Decrease wrongful rejections and boost acceptance rates with adaptive AI technology that continuously learns and adapts from patterns and equips store managers with tools to optimize fraud controls.
2. Increase fraud awareness and help reduce losses with a fraud protection network that uses connected knowledge to provide broad awareness of fraud activity across the globe, while keeping the security of your confidential information and shoppers’ privacy top of mind.
3. Boost transaction acceptance rates and improve the shopping experience by sharing transactional trust knowledge with issuing banks to increase authorization rates.
4. Improve customer service with a built-in escalation support tool that displays detailed context of the customer transaction including fraud insights provided by the service.
ACCOUNT PROTECTION
1. Safeguard your system with bot protection that helps protect against bots attempting to gain access to accounts with stolen credentials or to create fake accounts and transactions.
2. Help avoid losses due to fraudulent accounts with account creation protection that helps minimize abuse and automated attacks on customer accounts.
3. Reduce fraud with account sign-in protection that helps safeguard customer accounts, improving customer engagement and conversion by reducing friction.
4. Help protect customers with device fingerprinting to leverage the fraud network linkages and detect automated fraud attacks
LOSS PREVENTION
1. Help protect profits and reduce losses using adaptive AI technology that learns patterns and adapts to help optimize fraud controls.
2. Gain visibility into fraud risk with business intelligence reporting that enables store managers and investigators to take action by providing them with insights on anomalies with merchandise discounts and returns.
3. Increase operational efficiency by reducing manual effort required to determine the business entities and functions that may be at risk.
4. React quickly to dynamic fraud and purchase patterns using an enhanced loss prevention system with analysis that provides actionable insights to help reduce fraudulent returns and discounts.
Call Synergy Software Systems to learn more 00097143365589
