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As more consumers move online for their shopping needs, companies must manage an increasing amount of transactions. When these transactions are made across the web, malicious users have more opportunities to commit fraud.
Whether it’s a chargeback initiated by a customer’s bank or a more complex hack of a customer’s account, businesses must protect themselves from the loss of revenue, but also prevent disrupting operations to review several transactions.
Retailers and ecommerce businesses are turning to financial fraud detection software to prevent unauthorized access to customer and internal data, as well as unnecessary payment declines to separate good orders from bad.
In this guide, we’ll cover:
Financial fraud detection software helps companies sort through orders to identify fraud, false declines and chargebacks, and prevent access to sensitive data as customers complete transactions online or in-store.
Modern financial fraud detection software offers a dashboard to review flagged transactions and manually establish rules to spot common fraudulent buyer behaviors and customize thresholds to trigger further action. Financial dashboards are a core feature of fraud detection software, where users can identify trends in customer behavior and quantify the losses from chargebacks or declined transactions.
Artificial intelligence (AI) is transforming these systems into automated guardians for company data, analyzing several factors simultaneously to quickly understand how customers could undermine the system.
Transaction approval | Review every online or in-store transaction for fraudulent behaviors, then approve or send them back for manual review. |
Pattern recognition | Analyze transactions as they occur to spot fraud and manage how the system identifies common problems. |
Internal fraud monitoring | Perform reviews of internal actions that may be fraudulent to determine if further investigation and monitoring is needed. |
Access security management | Manage the roles and types of users who can access transactional data to prevent tampering or malicious hacking. |
Custom fraud parameters | Customize the specific parameters and thresholds the system uses to measure threats of fraud, and establish trigger actions when thresholds are breached. |
Check fraud monitoring | Identify fraudulent check deposits to take action quickly, and ensure availability of funds for legitimate transactions. |
Investigator notes | Collaborate on investigations into fraudulent customer behaviors. |