Buy versus build: Which option makes the most sense?

As IT becomes increasingly involved in daily business, it’s crucial to take a strategic approach to developing this infrastructure. When adding a new component, organizations often face two choices. Does it make more sense to purchase an off-the-shelf solution or invest in developing customized software? The buy versus build debate requires you to consider things like costs, time constraints, available resources, flexibility and more.

When it comes to online fraud detection, the buy versus build question can impact the safety of your organization. In fact, in 2020, credit card fraud increased by 44% compared to 2019

This percentage reflects an environment where businesses are targeted more frequently and with more complex schemes, calling for the best fraud prevention solution available.

Buy versus Build

Investing in a tailored IT solution ensures that it meets the unique requirements of your organization. You can incorporate all the fields and data sets you need to monitor fraud and design a product that accommodates the risks you are facing.

However, custom software development is a project that requires a significant investment of time and money. There is a high upfront cost as well as a high cost of ownership over the years to keep the custom solutions up to date. Thus, failing to continually invest in this project could result in your organization becoming vulnerable to new threats.

Besides, there are other potential obstacles specific to developing an in-house custom fraud detection solution, such as the need to collect enough data to build sound fraud prevention models.

Buying an off-the-shelf solution is an attractive option for many businesses. In fact, the fraud protection and prevention market is predicted to grow to more than $40 billion by 2026 as more organizations invest in these solutions.

An off-the-shelf product costs a fraction of what you would have to invest in a tailored solution. The implementation process is also much faster. However, you’ll have to add a company to the list of vendors you already manage.

Another potential drawback is that you’ll have to sacrifice some flexibility and implement a solution that might lack the customization features or scalability you desire.

How Fraud.net can help

When deciding between buy versus build, you can turn to a reliable partner. Fraud.net is a trustworthy and knowledgeable vendor that eliminates any potential shortcomings associated with buying an off-the-shelf product.

We offer an off-the-shelf solution powered by the latest AI innovations. It’s a cost-effective product that is easy to implement, customize and use. It adapts to your environment, not the other way around.

Partnering with us means you’ll have direct access to our unparalleled expertise while your IT department can focus on other mission-critical tasks.

Implementation

Ultimately, we believe that fast implementation is crucial. On average, businesses lose $1.5 million to fraudulent schemes. A slow implementation can leave you unprotected long enough for criminals to target your organization.

Plus, with the average business using 80 SaaS products, IT infrastructures keep getting more complex.

How quickly can you get started with Fraud.net? Implementation typically takes between 30-50 days. We’ve created new API documentation to guide you through the installation and onboarding processes as quickly and easily as possible.

We offer a quick turnover for tech integration to make sure your new fraud prevention solution will work with your existing infrastructure. We’ll also perform quality assurance to prevent any issues linked to integration.

Customize your configuration

In the debate of buy versus build, one of the possible drawbacks of buying software is that you might have to settle for a solution that doesn’t meet all your requirements. That isn’t the case with Fraud.net.

We offer built-in customization options so that you can make our product work for you. And, you don’t need deep expertise to configure our solution. You can set your rules, unify your data and do more while your IT team focuses on other important tasks.

A centralized and user-friendly approach

Relying on more than one fraud application allows you to build an infrastructure adapted to your unique risks and threat levels, but this approach can result in a complex IT environment.

With Fraud.net, you can continue leveraging these multiple tools while visualizing data via a single interface. It’s easy to add or remove applications and select new data sources as needed.

Our solution is a user-friendly product with an interface that allows users to see all the important data at a glance for a more reactive fraud management process. You can also access features like fraud detection tools, fraud case management, and fraud intelligence activities from a single screen to streamline your workflows.

Customer support

Fraud.net was recently named a Top Performer in FeaturedCustomers Summer 2021 Customer Success Report for Fraud Prevention Software.

With our renowned experts here to help, you’ll have access to 24/7 tech assistance via email or Slack whenever you have a question, and our team of fraud prevention specialists also offers advisory services if you need help configuring our product or assessing your risks.

Contact our experts today to learn more about our online fraud detection solutions and schedule a free demo!