Before businesses can even start the decision-making process, they must have a solid understanding of their specific fraud protection needs.
As the volume of transactions increase, every business must be vigilant in protecting themselves against online fraudsters.
Choosing the right solution from the wide range of fraud prevention services isn’t simple, but the payoff is significant.
With a wide range of fraud management solutions out in the market and the ability to outsource fraud protection and detection as a professional managed service, online businesses (otherwise known as merchants) need to know how to make the right choice for their businesses.
Fraud management as a standalone solution focuses on fraud detection and prevention for a larger business typically with an internal team of analysts.
With this approach, the goal is to prevent fraud from ever happening.
Internally, a business will have a team of experts managing all aspects of their business’ e-commerce activity, actively watching transactions so they can stop fraudulent sales before they’re approved.
In contrast, fraud management, managed as a professional service, is specialised team of experts outside of the business that provides support for data analysis, rules-building, and recommended best practices customised to your business.
This approach can be a more budget-friendly solution.
Making the job of the analyst more effective should be at the core of any good fraud management service’s offering. But this isn’t always the case.
A good solution will work with every business to recommend a comprehensive solution, either standalone or managed as a professional service, as well as identifying where fraud is a pain point.
They should also work with the business’s team of analysts to remove mundane tasks and provide valuable insights for their fraud management strategy.
Before businesses can even start the decision-making process, they must have a solid understanding of their specific fraud protection needs and whether they could afford full time resources on a standalone solution.
This could include functionality, service and performance levels.
By committing to effectively fight against fraudsters, merchants can position themselves to reduce fraud and false positives, while also increasing customer confidence and, ultimately, revenue.
MYOB PayBy’s specialised team of experts provides support for data analysis, rules-building, and recommended best practices customised to your business. We’re ahead of the latest attack methods and evolving fraud patterns so we can deal with the latest types of fraud before you’re even aware of them.
For more information on MYOB PayBy, visit myobpayby.com.