How to Minimize Fraud this Holiday Season

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Some things are out of retailers' control, such as the impending rollout of EMV in the U.S. in October 2015. While most point-of-sale transactions will be safer and more secure as a result, there may well be a rise of card-not-present fraud, as was the case when Europe switched to EMV. This is because criminals will focus their energies on the fraud they can still perpetrate. Being aware and having a plan to react quickly to the ever-changing fraud landscape can significantly increase the chances of thwarting criminals and keeping businesses safe.

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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