When it comes to fighting fraud, there are some things that are obvious essentials. You need technology which is complex enough and adaptive enough to deal with the challenges of a word where fraudsters are constantly coming up with new ideas, and work together to perpetrate theft. You need analysts to keep up to date with those developments, and to work to improve the system all the time. And, of course, you need to block fraudulent transactions! In an interview with Multichannel Merchant, Forter’s COO Liron Damri discusses these issues, but also gives an insight into something that can have a powerful impact but which is often overlooked in fraud prevention; the need for the right attitude to the problem.
For one thing, fraud is constantly changing, and that means that retailers need to keep up with the new methods being developed, and the various ways that fraudsters will try to steal from them. If you’re running fraud prevention in-house, making decisions about fraud scores and taking on the liability if fraud does get through, you can’t afford to get left behind. That means treating fraud prevention as something that continually needs re-evaluating, not as something you can set and forget.
Fraud prevention doesn’t just block fraud, it impacts conversion rates and growth more generally. You should adapt your fraud prevention to work in sync with your current business goals.
Fraud prevention should also be seen as a part of the company, not a stand-alone area. Make sure that marketing and sales understand the potential effect of fraud prevention practices on their metrics and allow them to be a part of the discussion.
Don’t let a fear of fraud translate into negative customer experience or fewer conversions. Fraud prevention can accommodate your wider aims, so make sure it’s protecting you rather than irritating your consumers!
For more details about how having the right attitude can help your fraud prevention success, check out Liron’s article.