The holiday season is upon us, and fraudsters are harder at work than ever trying to swindle people out of their money.
Scammers defrauded staggering numbers of online shoppers since 2020, and the trend will likely continue. This holiday season, efficient online fraud detection in a company has never been more critical.
The holiday season is always a period of increased vigilance for fraud detection teams. Fraudsters make use of increased demands on employees and unleash a veritable barrage of attacks utilizing email, buy-now-pay-later schemes, chargebacks for unreturned goods, and other methods which are less likely to get detected amid the holiday shopping frenzy.
Such a time is challenging for online fraud detection teams. Risk managers have to balance service to customers with swindling attempts. Weak fraud detection systems, or systems that trigger too many false positives, result in unsatisfied customers who must wait for their orders to be fulfilled while a team wades through the onslaught of ever-increasing cases.
Too many cases result in confusion, added stress, and the inevitability that someone in the fraud detection team will eventually make a mistake. That’s what the criminals are counting on. And it happens whenever a proper Case Management Console for managing fraud detection isn’t in place.
Fraud management tools to block all types of holiday fraud
During the holiday season, cybercriminals leverage the whole gamut of tools available in their arsenal to confuse fraud detection teams. Some of those tools inevitably work when proper fraud detection and handling systems are not in place. From phishing emails to malicious bots and automated attacks to outright device theft, holiday season fraud campaigns are based chiefly on brute force—hitting enough companies regularly enough and on enough fronts that something eventually gets through.
The Fraud.net suite of detection and prevention tools covers the spectrum of all potential attack points—email, devices, transactions, login, user accounts, etc. These various tools are then brought together in a first-class Case Management Console that correlates and integrates different data points to give fraud detection teams instant understanding of every case.
Bringing instant context to fraud cases
The case management console contextualizes all cases, bringing in data from multiple sources for that particular event. Network, device, and customer history details are shown on a single screen so fraud detection teams can quickly and easily approve, decline, or further escalate a case for investigation. The result is that over 99% of your regular customers experience reduced friction.
Optimized rules
With more than 600 preset filters that create thousands of intricate rules, fraud teams can automate the bulk of their fraud reviews. This streamlined case management frees up the attention of online fraud detection teams to work on high-stakes investigations or on improving overall processes.
Intuitive dashboards
Fraud.net’s case management console offers a highly intuitive dashboard that gives any fraud detection specialist immediate, actionable insight into every case. Our comprehensive analytics and reporting help analysts determine at a glance which cases can be immediately approved and which require deeper investigation.
Fraud.net’s case management console lets teams maintain a clear head despite an organized assault when crooks count on team exhaustion and overwhelm during the holiday season. Fraudsters have no chance as attack after attack fails.
Such customizable reporting and analytics quickly put fraud detection teams on the offensive. The fraudsters eventually have nowhere left to hide.
Seamless integration
Fraud.net’s case management console works seamlessly with every tool provided by Fraud.net for the total obliteration of online fraud. Every tool feeds mission-critical information to the console, allowing the team to remain coordinated and focused.
Senior Fraud Analysts can provision different dashboards according to team seniority level and SLAs. This way, different teams can focus on specialized areas, reducing the stress on the overall fraud detection department.
Improved Revenue
Use of our case management console typically results in a 5% lift in revenue due to more “good” transactions. It also reduces fraud investigation costs by more than 60%.
Many companies choose to “take a hit” during the holiday season because they fear that excessive detection might slow their checkout process and cause them to lose sales due to customer frustration. They are entirely correct. That’s why a sophisticated case management console must be in place to make fraud detection quick, easy, and accurate.
Case Management with Fraud.net
Contact us for a free demo today to know more about how Fraud.net’s case management console can help your fraud detection team navigate the violent storm of holiday season fraud attempts.