How to Minimize Fraud this Holiday Season

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Establish a Customer Experience Team

Establish a dedicated team responsible for the customer experience.

By doing so, teams of risk and consumer experience experts can create and maintain a directional and strategic customer view across channels. Formalizing the sharing of data, processes and best practices among these traditionally siloed departments is a way to process more customers while reviewing fewer transactions, catching more fraud and providing a hassle-free customer experience.

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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