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How to Choose the Right Fraud Prevention Service for Your Business

Fraud detection is a critical component of any digital business. If not caught and prevented, fraud can put a dent in bottom-line potential while jeopardizing customer trust and brand reputation. Ultimately, this can lead to legal complications and costly non-compliance fines. Here are some tips for choosing the right fraud prevention service for your business.

Fraud prevention involves implementing a system of checks and balances to detect suspicious activity and stop it from taking place. It can also help reduce the risk of a breach and unauthorized access to personal information. Fraud detection is an ongoing process that needs constant scrutiny to remain effective. It should include a combination of internal data hygiene, monitoring, documentation and reporting, as well as adherence to existing statutes (in regulated industries).

A robust fraud prevention service can help you evaluate truth and intent in clean human traffic without impacting the user experience or imposing unnecessary friction. This can help improve top-line potential while reducing bottom-line pressure, and protect you against attacks that start with simple automation but escalate to advanced emulation of human behavior.

The right solution should be able to prevent fraud in real time, so you can quickly identify suspicious activity and stop it before it causes damage. It’s also important to find a fraud prevention platform that can be integrated into your business systems and provide a smooth customer journey, even with the need for rigorous identity verification. The best platforms can scrutinize a large amount of passive data to assist with fraud detection while minimizing customer friction, and they should be able to offer flexible pricing models like pay-per-API or per-customer.

Look for solutions that can scale as your business grows. If you have a dynamic business model, or are subject to regulatory perimeters, it’s essential that the fraud detection technology you choose can adapt to these changes in order to avoid costly technical difficulties down the line.

A good fraud prevention system will be able to learn from each incident of fraud and incorporate those lessons into its monitoring, detection and decision-making processes. Look for a solution that applies supervised machine learning algorithms to detect patterns of suspicious behaviour, rather than just applying rules. It’s important to remember that fraudster techniques are constantly evolving as they try to work around heightened security measures. The same is true of fraud detection and prevention strategies, so your solution should always be evaluating new techniques and incorporating those into its analysis.

Offer multiple ways for employees to report suspicious activity. Employees aren’t the only people with eyes and ears on your business; contractors, vendors, customers and members of the public may also be able to spot fraudulent activity. Make sure that they can report suspicions through a website that keeps their identity secure or by calling a tip line. Then, make sure that these reports are actionable and visible so that you can take timely action to prevent fraud. Otherwise, your fraud detection controls will be useless.