How to Minimize Fraud this Holiday Season

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Unite Fraud and Marketing Efforts

Bring fraud and marketing efforts together.

Although this is not an obvious combination at first glance, this relationship can be one of the most powerful in the enterprise. Just last year, a survey by Experian Marketing Services found that 80 percent of marketers planned to run cross-channel marketing campaigns in 2014. More channels, more campaigns and increased volume mean new challenges for fraud-risk managers. Together, fraud and marketing teams can help the top line and the bottom line by preventing bad transactions without impacting the customer experience. The past often can tell a lot about the future. These groups should jointly review past performance with an eye toward both top-line growth (i.e., successful campaigns) and successful risk strategies that complement those growth objectives and use the insight to form future strategies.

Despite being months away, retailers are already hard at work preparing for the busiest time of the year: the holiday season. The period between Thanksgiving and Christmas can represent up to 20 percent of a retailer's annual sales, and no one wants to miss out. As a result, many merchants temporarily loosen their fraud prevention rules to process more transactions. They compensate for this by conducting more manual reviews of suspect transactions, which unfortunately leads to an increase in customer insult (legitimate customers being falsely identified as fraudsters) and wrongly declined purchases, both of which increase the cost of doing business.

Recent data from fraud prevention experts at Experian highlight the advantage of analyzing millions of transactions per day, evaluating risk in real time, and delivering responses in mere milliseconds – without increasing risk or turning away legitimate customers. With this approach, retailers catch more fraud and reduce customer friction, conduct fewer manual reviews and lower operational costs. The following slides will help you improve your approach to fraud prevention and lower costs involved with fraud and ID theft.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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