When your business depends on you to make informed strategic, tactical, and operational decisions, being able to gain actionable insights from your fraud protection system is crucial. Data should drive everything from reconfiguring rules to targeting new fraud vectors, manually reviewing transactions, presenting at monthly business meetings, or even monitoring and troubleshooting technical issues.

Built on an extensive data platform, Dynamics 365 Fraud Protection enables you to develop a toolkit with custom reports and applications that help you establish a robust fraud management strategy – while providing ongoing insights into your business.

Detecting and understanding fraud

Minimizing fraud begins with understanding fraud by identifying trends and patterns. Reporting helps you do just that by providing a historical view of fraud volume for your business. A customized fraud tracker is one example of a report that you can add to your fraud protection toolkit. These types of reports enable analysts to filter historical data and view score distributions by dimensions (for example, country or region, payment instrument type, or product category) to highlight high-risk segments. These reports can then be used to configure new or existing rules to target those events.

Tracking and raising awareness of high-level fraud trends also provides valuable insight for business planning. Reports used for monthly business reviews can be used to drive conversations around monthly targets, how your fraud protection system is performing, areas for improvement, and plans for upcoming product or process changes that could impact fraud rates.

Defining the analytics that matter for your business is imperative. Measuring success and understanding the impact, scale, fraud pressure, and efficacy of your systems will play a large role in influencing your business strategies.

Managing services and operations

Fraud operations often require multiple touchpoints for members within the organization to either review, monitor, or act on events occurring across various systems. Often businesses choose to develop custom applications to cover these overarching use cases. They will weigh the cost of maintaining these custom applications with the potential improvement in operational efficiency.

For example, if you have an IT organization that manages the service health of multiple business applications, it may be valuable to create a single application to monitor and alert on the health of them all. Sending API request times and errors for your fraud protection solution within the context of all of the other service notifications on a single application would streamline the process altogether. Adding these custom applications to your fraud protection toolkit will not only improve the health of your risk management solutions but also your business all-up.

How Dynamics 365 Fraud Protection can help

Dynamics 365 Fraud Protection provides in-app reporting through scorecards, monitoring dashboards, and a virtual fraud analyst. In addition, understanding the power of joining data across multiple business systems and each business’ unique reporting needs, we have also provided a platform to easily extract and manipulate the data available within Fraud Protection.

Event tracing provides both a real-time and bulk data egress mechanism to send data to your own Azure Event Hubs or Azure Blob Storage locations. By subscribing to events to track transactions, portal actions, or API performance through our Event Tracing page, you can easily analyze your service, extract insights, and develop custom reports by using Azure Stream Analytics or Logic Apps and Dataverse. Here you can join to other datasets available within your tenant to create a rich set of real-time reports such as audit logs, fraud trackers, or monthly business reports.

You can also utilize the data available in Event Tracing to create custom mobile or desktop applications to target unique use cases, which support your business with the help of Power Apps. Utilize Microsoft’s low-code app development platform to create fraud investigation tools for your support agents, latency monitoring applications, and more.

Next steps

Developing a well-rounded fraud protection toolkit that is customized for your business needs will improve your fraud management strategy. The use of custom reports and applications to address unique needs for your business is a great way to extend existing business processes while incorporating insights from your fraud protection solution. Dynamics 365 Fraud Protection and the event tracing capability can provide the data platform to easily enable your business to configure these new experiences.

Get started today with Dynamics 365 Fraud Protection

Configure event tracing

Get started with sample reports

Get started with sample apps

The post Do you monitor the pulse of your fraud protection operations? appeared first on Microsoft Dynamics 365 Blog.

Today’s continuous growth of e-commerce sales drives the need for a stronger focus on fraud detection and protection. To meet demand and stimulate growth, it’s become crucial to keep fraud and operational costs low by streamlining business processes. Automating the risk analysis and transactional review process with machine learning platforms, like Dynamics 365 Fraud Protection, is one way to do that.

Platforms like Dynamics 365 Fraud Protection provide a rich set of APIs that you can use to assess the risk surrounding account logins, account creations, and purchases. Rule-based linear models then use the risk score, as well as purchase or account attributes, to segment traffic and return automated decisions. Rules are just one way to automate decisions on events. It’s equally important to have this information feed into your existing business workflows and then automate where possible.

Here are three ways to help you customize and automate your own end-to-end fraud management workflow.

First: Diagram your existing risk management framework

It’s crucial that you develop a business process diagram (from transaction processing to data flows for automated risk assessments, case management, reporting, and communications) with key stakeholders and metrics for tracking success at each stage. Getting a high-level view of existing workflows will help identify areas for improvement or automation.

Second: Identify real-time decision points

Use your fraud management process diagram to identify key metrics or flags that could require real-time actions. For example, the risk score is an actionable data point used to indicate fraudulent activity and could be monitored in real-time. API latencies, rule executions, or changes to existing rules or configurations in your fraud management platform, are other examples of key data points that could be valuable to track in real-time.

Third: Configure triggers and automate actions

After identifying the key real-time decision points throughout your fraud management process, it is important to find a platform that will manage the data egress and automation components.

Dynamics 365 Fraud Protection’s event tracing establishes a real-time telemetry platform that can seamlessly integrate and extend your existing business workflows. You can subscribe to events triggered by the user or system-level actions and forward the data associated with each event to Azure Event Hubs or Blob storage. From there, you can take advantage of powerful fast-development tools such as Azure Logic Apps and Power Automate to configure trigger conditions and real-time actions from all of your connected systems.

For example, if a user’s score is suspiciously low, you can subscribe to a transactional event that will be sent to Azure Event Hubs and consumed in Azure Logic Apps to check the score, trigger an email, and investigate the order before a chargeback occurs. Using an ever-growing library of third-party connectors available in Azure Logic Apps, you can create a highly customizable workflow to cover everything from order investigation, additional verification for suspicious orders, alerting on changes made in the portal, and updates to customized monthly business reports. These connectors work seamlessly with Dynamics 365 Fraud Protection to provide you with a single solution for your business’ fraud detection and protection needs.

Next steps

Developing a robust fraud management workflow that enables your business to scale and operate efficiently is crucial. Dynamics 365 Fraud Protection and its Event Tracing capabilities aim to support your business by easily connecting to and optimizing your existing business workflows. Get started today with Dynamics 365 Fraud Protection and learn more about how Event Tracing can provide real-time insights and workflow automation here:

• Start your Dynamics 365 Fraud Protection trial today
• Configure Event Tracing
• Sample Azure Logic Apps using Event Tracing

The post 3 tips for creating intelligent fraud management workflows appeared first on Microsoft Dynamics 365 Blog.