Discover four ways to prevent attackers from damaging your customers, business, and reputation without negatively impacting sales or your customers’ payment experiences.
It’s a serious issue that every business deals with. On one hand, your customers expect fast and frictionless checkout and payment experiences every time they buy something, and if they run into problems, the competition is only a click away. On the other hand, fraudsters are becoming smarter, more sophisticated, and more aggressive every day. So how do you prevent attackers from damaging your customers, business, and reputation without negatively impacting sales or your customers’ payment experiences?
There are obviously no simple answers to this familiar conundrum. But with the right approach and a capable partner, you can change the equation and resolve this classic tension between fraud management, sales goals, and customer experiences. Here are few key concepts and ideas for your consideration:
Choose an approach that combines AI/ML and rules-based fraud prevention
Conventional wisdom holds that when it comes to fraud prevention technology, you have to choose between a rules-based or an AI-driven approach—or at least pick a solution that favors one over the other. But the most effective, efficient fraud prevention engines combine both approaches—by leveraging Artificial Intelligence/Machine Learning (AI/ML) to discover fraud patterns that humans can’t see and using rules to manage the exceptions that often sneak past machines.
Tap into all the reliable intel you need to stay ahead of the fraud curve
You can’t manage fraud effectively without complete, reliable, and timely data—along with the tools and expertise to interpret it correctly. For example, every Cybersource fraud solution leverages data from billions of global Cybersource and Visa transactions to provide accurate benchmarks, uncover the latest fraud trends and tactics, and help businesses adjust their fraud strategies quickly to address new threats and circumstances.
Make fraud prevention part of a complete, end-to-end payment platform
Revenue optimization and fraud prevention are two different things. And to make that leap, you need an integrated payment platform that goes beyond fraud to cover all the bases—from payment gateway capabilities and tokenization to authentication, declines and retries, chargeback representment, and more. Some will try to convince you that you can stitch together different point solutions to achieve the same effect, but that approach inevitably introduces cumbersome and costly challenges—from managing multiple contracts to limited flexibility and scalability.
Find a partner that can become an extension of your fraud team
Today, internal fraud teams could be simply stretched too thin—no matter how experienced and capable they are. That’s why it’s important to choose a fraud management partner that combines a proven technology platform with services and people who can step in, complement and extend your internal team, and fill in the gaps whenever and however you need them to.
Cybersource is ready to help you make all of these attributes and capabilities part of your fraud strategy, so you can finally end the classic fraud management tug of war.