Ecommerce Fraud Prevention Software –
Types of Significant Features as Procured
Currently, eCommerce fraud has evolved and increased with the hike in online commerce by COVID 19. It has been estimated that by 2024, e-commerce merchants might lose an estimated $24 billion to online payment fraud. As these fraud cases are increasing, it has taken a toll on online business. So, it is mandatory to take the help of some proactive steps to detect fraud cases and prevent the same. Investing in the right solutions will make a big difference in the financial results and customer safety. Using the power of Ecommerce Fraud Prevention Software is a good call for that extra level of protection from unwanted eCommerce fraud.
Types of fraud preventive measures:
Thanks to fraud prevention software, now you can protect your e-commerce field in the best possible manner. Your hard work will pay off, and all your money will remain in your account. But before you take up software for help, it is time to know the type of services you can get from using it.
The first one is Decision Science:
Decision Science mainly applies a scientific and analytical approach to fraud risks, which will leverage the statistical expertise to help in improving predictive results. It will boost the efficiency level of your operation and lower the fraud rate to a great extent.
- With the help of a fraud management platform, you have the liberty to improve risk decisions by leveraging the experience and expertise of the statistician team. They have enough knowledge in risk modeling and risk management.
- The best standard services available from the Decision Science Team will be the implementation of the logistic regression model, rule optimization, and machine learning model.
Here, the team of decision science helps in optimizing decisions for ensuring that you meet business objectives. It will cover up reviewing of the present rules, recommending some additions, deletes and reweight rules, projection of impact that you see from changes, and the full implementation. It might further include automated rule tuning.
Machine learning-based model service:
Here, the engagement will implement a statistical model designed using a machine learning technique called GBM or Gradient Boosting Machine. It will add in more data element-based interactions when compared to logistic regression models. The main goal is to add a machine learning model, document the same model, and projecting impact from the said changes.
Logistic regression modeling service:
The statistician will add a logistical regression model for meeting unique business objectives. It will enable improved interaction detection between data elements. It is meant for producing better decision results.
The power of Managed Services:
There is a separate team working on Managed Services and will offer direct operational management of chargeback and fraud processes. It does that by leveraging industry-based Interceptas Case Management Platform. Here, the team will become an extended part of your firm by offering comprehensive and knowledgeable consultation, along with SLA management and geographical coverage.
- Clients engaging with the fraud management servicing team will have access to all resources they want, increase the efficiency of fraud management procedures and lower the overhead and operating costs.
- In case you have expanded your business to a new geographical location or market, you need help from the team of Managed Services.
- The well-trained professionals will help you to open new sales channels or accommodate seasonable-based transaction volume.
- They will further help you to outsource fraud preventive measures and the best chargeback management services.
- In the end, it becomes a lot easier for you to manage a business in an efficient manner and save time with training and recruiting new members for your firm.
- You will maximize your current acceptance rates and win and drive your overhead cost down.
The best fraud management services:
The main responsibility of the fraud management team is to prioritize, review and then resolve all the possible fraud transactions. They can help you in canceling and refunding unauthorized purchases quickly. Moreover, the team helps in performing some ongoing fraud analyses. The main goal over here is to determine some new rules for improving the screenings.
Get the chance to maintain that overall risk model, depending on your requirements. You get the chance to develop trend reports and comprehensive operations. Get the chance to review the chargeback transactions and leverage the chargeback data for updating the internal negative database.
The Chargeback based Management services:
Here, the team of chargeback analysts will review, prioritize and resolve payment-based disputes before the given reply-by date. They will also gather and respond with major support for ensuring maximized winning rates. The team takes time to perform ongoing analysis of the existing and new chargeback card brand needs. It helps to improve the present representation documentation. You will receive regular reports to improve the current fraud strategy.
So, make sure to get your hands on the best e-commerce fraud prevention software and let the team handle all your services on your behalf. They have years of experience in presenting you with a fraud-free platform.