All signs are pointing to a holiday season with record levels of fraud.
With the hectic pace of the holidays, providing your organization with the latest tools to stay ahead of fraud is paramount. At Fraud.net, we understand your challenges and have developed solutions to help you withstand the coming onslaught of holiday fraud so your company can flourish this holiday season.
Solutions to Create a Safer Journey
Fraud.net’s comprehensive AI-based platform is a leader in the industry and offers unmatched modularity and flexibility. Companies work with Fraud.net to secure their client’s customer journey. Our solutions help clients:
- Decrease fraud and risk
- Automate manual processes
- Improve approval rates
- Lower the queue workload
- Reduce false positives
- Increase revenue and profitability
Using Fraud.net’s comprehensive platform and products, your company can prevent a variety of fraud (including holiday fraud) with our tools:
- Application AI – Provides a real-time risk assessment of applications to verify legitimate customers while halting fraudsters.
- Login AI – Stops account takeovers (ebook link TBD) from ruining your business and customer’s holiday by screening and verifying key details of user’s sign-in.
- Transaction AI – Helps deliver a frictionless customer experience, while reducing payment fraud, BNPL abuse, friendly fraud, and other schemes.
Digital Customer Journey Scenarios
Below we present critical steps in a typical digital customer journey with online merchants, illustrated through two scenarios and personas. Our examples below are of “evil” customer personas operating within scenarios that can occur during the holidays. The scenarios describe the potential actions of the personas and how Fraud.net protects organizations and their customers from holiday fraud.
Nick the Fraudster’s Failed Friendly Fraud
- Nick is part of an organized criminal gang that employs many fraud schemes, but for the holidays is focusing on friendly chargeback fraud. They plan to take advantage of companies’ disparate systems, siloed data, and the volume and distractions of the holidays.
- Nick’s team of criminals is targeting a high-end retailer to deploy friendly fraud – Jovie Jewelers.
- With the high-priced items sold by the retailer, the fraudsters believe they have an easy target for pulling off their friendly chargeback fraud.
- But Jovie’s is a Fraud.net client and utilizes their AI-based platform of tools, including Login AI, to help detect and prevent fraud. With Login AI, Jovie’s Fraud team can quickly detect anomalies and patterns in the sequence of actions involving the account.
- Another Fraud.net product, Transaction AI, has powerful AI models to help businesses like Jovie’s, detect fraud before it can occur. The product provides their Fraud team with real-time, actionable alerts and fully explainable risk scores for every transaction.
- Transaction AI also helps them quickly visualize fraud trends through the powerful analytics available in the Fraud.net platform.
- Using Transaction AI, the fraud team can detect the chargeback fraud schemes used by Nick’s gang and shut them down before more damage occurs.
- The strength of Fraud.net’s algorithms helps Jovie’s reduce false positives, improve the effectiveness of their fraud team, and enhance their customer’s experience.
Emily’s BNPL Fraud Foiled
- Emily has been leading a small team of criminals engaging in a variety of fraud schemes. One of their favorite schemes is to target retailers that offer “buy now, pay later” (BNPL) as a payment option.
- Their next target is Silver & Gold Electronics and their new BNPL plans. Fortunately, Silver & Gold Electronics is a client of Fraud.net and utilizes the Application AI and Transaction AI products to protect their BNPL plans from fraud.
- In the Application AI tool, among other checks, is an analysis of billing addresses for previous bad outcomes, and the velocity of the shipping address’ usage.
- Fraud.net’s platform helps Silver & Gold review their applications for any associations with fraud. These comprehensive and rapid checks stop further fraud. For approved applications at the point of transaction, Fraud.net evaluates with a number of analyses, including velocity and linkages, to ensure the transaction is associated with the right person.
- The Transaction AI tool helps ensure there are no data elements related to previous fraud transactions. Many times shipping will be to a drop address and results in a high volume of activity for a shipping address along with multiple bill-to addresses.
- As a result of Fraud.net’s tools, Silver & Gold Electronics was able to prevent Emily and her group from perpetrating BNPL fraud.
Combat Holiday Fraud with Fraud.net
Let us help you get ready for the increased fraud of the holiday season. We offer continuous innovation in our anti-fraud solutions to help you stay ahead of the rapidly changing fraud schemes.
Discover more about how our solutions can help you prevent fraud from ruining this holiday season in our recent eBook “Protect Your Customers This Holiday Season.” Please contact our experts to learn more and receive a demonstration of how we can help your organization prevent fraud this holiday season and beyond.