Building Your Fraud Prevention Playbook

It’s football season, which means that teams around the country are busy perfecting their game plan to beat the competition. As football players run through drills and plays to get ready for games each weekend, a different kind of fight is playing out for businesses around the world – the fight to prevent fraud. For any organization that needs to make sure their customer is who they say they are, the battle on the virtual gridiron takes place every day of the week. How can organizations build a complete playbook to enhance their identity verification techniques and fight fraud? The key is to focus on both the offensive and defensive aspects in order to get past the line and sack fraudsters before they can even get going.

A Multi-Layered Defense

Taking an approach to fraud prevention that includes a multi-layered identity verification system helps stop potential attacks at every point and also ensures that good customers quickly and easily gain access to your products and/or services. In football, defenses must constantly push back the offense in order to be successful. It’s not enough to be reactionary – only tweaking your defensive approach after the opposition has scored a touchdown. Instead, organizations need to build a strong defensive line that can easily adapt to changing fraud tactics in order to keep fraudsters from moving down the field toward the end zone.

The reality about cases of potential fraud is that criminals are also building sophisticated plans to win the game. By adding multiple layers of coverage to your defense, you can escalate potential fraud to higher levels of verification and ultimately stop the fraud from occurring. It is important to read the offense’s formation to be able to fight through blocks and tackle fraudsters before they can score. A collaborative fraud network makes use of key identity, activity, location and device-based attributes so your organization can sniff out fraud.

Team Up in the Industry Offensively

A collaborative fraud network, like the one you get by working with the id verification experts at IDology, makes a great offense in the fight against fraud. Working together with other players in your industry allows the entire network to accomplish its collective goals in keeping fraud out. At the same time that your organization is moving down the field to push back fraud, you’re able to reduce friction for legitimate customers that come your way.

This approach helps drive revenue by using an automated process to improve verification rates. Think of the fraud network as your team. Each of the players relies on each other in order to help everyone move forward. In terms of fraud prevention, organizations are able to share information on fraud trends and risk factors so that the entire industry can rid itself of fraud.

In a customer-not-present environment, it can be difficult on your own to ensure that fraud is caught before it happens. Learn more about harnessing the power of a collaborative fraud network and see the tools you can use to build your playbook against fraud by contacting IDology today at (866) 520-1234.

IN THE NEWS

BALANCING SECURITY AND CONSUMER FRICTION IS THE NEW NUMBER ONE FRAUD CHALLENGE FOR BUSINESSES

By Christina Luttrell for PaymentsJournal

RESEARCH

WHAT’S DRIVING THE FINANCIAL SECTOR’S NEW PURSUIT OF MORE SOPHISTICATED IDENTITY VERIFICATION SOLUTIONS?

New Research Overview from IDology