Ever quick to adapt their tactics, fraudsters are wasting no time finding new ways to exploit opportunities in a world of fast digital payments and increasingly connected commerce.
Growing instances of fraudsters paying for an item online and then cancelling the payment directly before collecting, or using stolen credit cards and false identities to create online accounts and place orders to then collect in person by presenting a fake ID.
Kount, a company of Equifax, found that 90% of retailers are operating across multiple channels, yet only half are effectively managing fraud across them.
“The problem is that the majority of a business is focused purely on increasing revenue. The challenge for retailers is making their products and services more accessible to customers while keeping the fraudsters out. As more businesses adopt an omnichannel strategy, the challenge becomes greater,” say Simon Vallis, head of international partnerships at Kount.
Emile Naus, a partner at independent management consultancy BearingPoint, says: “If businesses don’t adjust their loss prevention activities, they leave themselves open to significant issues. Effective fraud prevention requires a multi-layered approach, which starts with retailers understanding their customers and setting up customer data effectively and securely.”
Kount helps our clients to create customised fraud strategies to meet their specific business needs by combining AI machine learning with their bespoke business policies. We use global data intelligence to help our clients identify and implement acquired insights as well as spot new market opportunities.
Kount addresses the challenges that are not only associated with a payment but across every customer touch point, from new account creation, preventing account takeover, promotional code abuse and more. Kount offers everything you need in one easy-to-use platform.
Kount’s data-driven decisions and decades of unrivalled fraud experience solving complex identity and fraud issues have helped 15,000 merchants around the globe in almost every vertical.
For more information or to set up a demo, please visit our Kount website.