Examine and make adjustments to your business’s fraud strategy

Cybersource’s Managed Risk Analysts are fraud experts that have deep and diverse experience in different industries, regions, and company sizes. We asked them to share their top tips to help you assess your fraud prevention strategy.

Here’s what they had to say:

Tip 1: Let data drive you

Getting access to as much data as possible to provide insights means that design a fraud strategy around your business’s specific transaction flow. Good data can help you automate a significant portion of your fraud strategy—meaning less work for you, and more time to focus on the critical parts of your business.

Tip 2: Be proactive

Being proactive can mean the difference between the success and failure of peak season for your business. Anticipate where the risks and vulnerabilities might be during your order flow. What solutions might help you erase those vulnerabilities?

Tip 3: Maximize acceptance while minimizing fraud

Don’t just focus on the fraud: your business is still a business. You still need to make money. How can your fraud strategy help boost acceptance rates? Focus on where it can be most effective at not just stamping out as much fraud as possible, but also creating and maintaining a seamless and enjoyable experience for your customers, so that they continue to come back again and again.

Tip 4: Build a deliberate and detail-oriented strategy

Don’t rush the integration process. This will likely only create more manual work for you and your team. Taking the time to create a deliberate, detail-oriented approach to your fraud strategy will help you boost your conversion rates down the line.

Tip 5: Good data = good performance

Innovations in payments means we now have an abundance of data about how customers behave but also about how fraudsters behave. But having the right kind of data, and knowing how to analyze it, can help inform your fraud strategy and help you meet or even exceed your business goals.

Tip 6: Find the right partner

Building a partnership with analysts like Cybersource’s Managed Risk Analyst team can provide deeper insights for your business. Their extensive experience means they can help you anticipate issues, spot fraud trends, and be a source of knowledge as you build your fraud strategy.

Tip 7: Be adaptable

It can be helpful to research and keep up with fraud trends. Knowing what’s going on with payments as well as trends in fraud can help you be more adaptable and ultimately be more prepared to deal with those trends.

Tip 8: Know your customer

Knowing your customers’ buying patterns and payment behaviors can be extremely beneficial for your business. Do most of your customers like to pay on mobile? Do most of your sales come in peak season? You can build your fraud strategy around this information to help ensure that you are not declining good customers while also helping keep the fraudsters at bay.

Meet our experts