To protect your business in today’s rapidly evolving fraud landscape, it’s critical to incorporate the use of both rules and machine learning. Machine learning can quickly detect new and emerging fraud patterns, and output a risk score to indicate the probability of fraud for a particular event.
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.
In this blog series we are exploring the latest fraud-related events and issues on the rise in our digitized world. The first installment in the series explored account takeovers (ATO) and the $7 billion yearly loss affecting even the largest organizations.
With many retailers extending online holiday sales, consumers are taking advantage of the ease of shopping from home. Online shopping can also enable more impulse buying, which in turn increases the likelihood of returns and cancelations – and can open the door to abuse and fraud.
Even in challenging times, the holiday season’s irresistible deals attract both customers and fraudsters. A differentiated fraud prevention strategy is essential to keep a merchant’s fraud losses minimized while letting legitimate customers continue to have a smooth shopping experience.
This year has been unexpected to say the least. As 2019 ended and business forecasts were written, no one would have ever guessed what was to come in 2020.
The majority of people with a credit card have heard or read the words, “Your card has been declined.” When a card issuer detects fraudulent activity, this phrase protects cardholders from illicit charges or identity theft.
Our lives have shifted quickly over the last few months, and so have businesses as they work to respond to changing needs. Merchants, together with consumers, have had to rely more on doing business online as the new situation globally demanded it.
As Microsoft continues to support organizations on the front lines of the COVID-19 crisis, a priority is providing customers with the right tools to protect their revenue in this challenging economic environment. Customers and companies alike are increasing their online presence, becoming more vulnerable to fraud.
The COVID-19 crisis has impacted all aspects of our lives, shifting the way we live, interact, do business, and more. Retail merchants worldwide are dealing with emerging sales scenarios to address contactless selling, rising operational challenges, and plunging demand exasperated by increased fraud.
Many of us have experienced a rejected credit card transaction when shopping online. Questions flood the mind such as “Did I pay my bill?” “Have I exceeded my credit limit?” “Was my card stolen?
Fraud is a huge barrier for everyone involved in an e-commerce transaction. From the bank, to the merchant, and the customers themselves, fraud prevention can add friction to the customer experience and cause inaccurate approvals or wrongful rejections that result in increased operational costs and, ultimately, decreased revenue.