Long-Term Digital Fraud Protection is a Must for Your Business – Here’s Why

There’s no doubt that fraud and chargebacks are becoming a major problem for many businesses. In the digital age, digital fraud protection is a must.

It’s all too tempting for merchants to believe that a one-stop digital fix can provide a permanent solution.

But the unfortunate truth is that fraudsters, friendly or otherwise, are not going away anytime soon. And they’re constantly deploying ever more ingenious methods of exploiting the explosive growth in e-commerce, “buy online pick up in store” (BOPIS), and other commercial innovations.

Eternal vigilance is therefore one of the unavoidable costs of doing business for merchants who want to stay profitable in today’s rapidly changing marketplace.

What Long-Term Digital Fraud Fraud Protection Can Do For You

But it’s not all bad news.

Apart from directly tackling fraud and chargebacks, implementing long-term digital fraud protection can offer merchants a number of ancillary benefits.

Here are just a couple of examples –    

1. Reduced Time Spent on Manual Reviews

The financial losses due to fraud and chargebacks are usually easy to calculate.

Less obvious, but just as important, are the indirect costs in terms of time spent manually reviewing questionable orders and contesting chargebacks.

The implementation and maintenance of a long-term solution frees up a lot of this time to be spent on developing new products and services, and seeking new customers. 

2. Using Fraud Data to Plan Profitable Strategies

“Know your customer” is perhaps the first rule of success for any business. And the creative use of data gathered for the purpose of fraud prevention, aided by Artificial Intelligence (AI) and machine learning can be a great help in this process.

On the most basic level, this might mean increasing turnover by reducing the number of false declines.

But the data generated by today’s technology can also be used to plan marketing strategies, introduce profitable upsells and cross-sells, and even to reveal whole new markets.

Find Out More

There’s no doubt that a digital fraud solution can provide your business with immediate and obvious cost-savings.

But getting the maximum value and profit out of the mass of data that such solutions provide can be a challenge.

So to find out more about the systems available, and exactly how to implement them to your best advantage, please contact us here.

Our experts are ready and waiting to help.