5 Strategies to Help Your Business Combat Fraud
By
Joe Keenan
and All About Roi
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- Take a multichannel view of transactions’ tools and technologies. Integrate fraud mitigation efforts across channels to improve the cost effectiveness of staff and technology, looking toward prevention solutions with multichannel fraud tracking.
- Create standard processes on investigating customer claims for unreceived purchases, and regularly collaborate with carriers to track lost merchandise incidence patterns. Friendly fraud is an area of increasing concern for many online merchants; proactively respond to this threat by tactically compiling and monitoring delivery tracking data.
- Forge cross-industry partnerships with financial institutions to reduce the disparity of the overall financial institution/merchant fraud loss distribution. Collaborate on real-time fraud patterns and mitigation trends, as each can provide the other with unique perspectives on how, where and when fraudulent transactions occur.
- Focus fraud mitigation efforts on preventing and detecting fraudulent transactions — i.e., where merchants are getting hit the hardest. Assess the effectiveness of current fraud detection tools, and examine solutions with proven success and adaptability to evolving fraud techniques. LexisNexis’ report revealed lower satisfaction ratings across solution categories, but merchants showed a higher preference for transaction validation and real-time transaction tracking tools.
- Improve fraud prevention and detection efforts by benchmarking methods, loss patterns and investments. Learn from your peers in order to identify best practices, levels/patterns of losses and specific goals for reducing the cost of fraud. Many organizations lack a structured model for assessing the return on investment on fraud mitigation solutions and, therefore, may be overspending on some areas while underinvesting in others.
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- Companies:
- LexisNexis
- Places:
- U.S.
E
Joe Keenan
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Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.
All About Roi
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