Invoice fraud has cost businesses $12.5 billion in the last five years, and the hottest time for fraudsters to get active is during the holiday season.
Every year, fraudsters capitalize on increased shopper activity to confuse employees with a barrage of phishing emails and ransomware scams. Employee multitasking, heightened stress, and an elevated sense of urgency means employees can be get caught more easily by phishing emails.
2020 saw a spike in online scams, and the onslaught shows no sign of abating. According to the US government’s Internet Crime Complaint Center, 2020 saw over $29 million in adjusted losses from ransomware, often delivered in the form of intelligently hidden malicious links in phishing emails.
Even if your company has a fraud team in place, the sheer magnitude of fraud attempts over the holiday season means that somebody is eventually going to make a mistake—that’s what the holiday season criminals count on. And overly restrictive fraud prevention tactics mean slower service to customers and disruption of sales, meaning reduced revenue. It’s a two-edged sword.
What is needed is a slick and efficient Email AI solution that does not bottleneck communication with honest customers while smoothly diverting fraudulent traffic away so that your fraud team can deal with it efficiently. One solution is a consolidated and easy-to-navigate case management console like Fraud.net offers.
The rash of phishing attacks has led to massive increases in ransomware and data breaches across industry sectors. The cost to businesses of these attacks can be crippling. And, for companies who count on the holiday season for the bulk of the year’s revenue, a ransomware attack during this time is nothing short of a catastrophe.
How Fraud.net can help obliterate email fraud and phishing scams
Fraud.net’s sophisticated Email AI software makes it virtually impossible for fraudsters to scam employees, even during times of heightened shopping activity.
Email AI can be set up in minutes. Just download it for free from Microsoft’s App Store, and it is ready to use immediately with Outlook 365.
Collective Intelligence Network
Email AI validates sender identities across millions of data points. It does this through Fraud.net’s ever-growing collective intelligence network, a proprietary system that analyzes billions of fraud-related data points to help spot fraudulent activity instantly.
Our collective intelligence network is constantly growing, and every email that comes through your company’s servers is checked through this network and flagged instantly if it looks suspicious.
No more false positives
Unfortunately, false positives can cause more damage than solutions in a business, especially during the holiday season. Lost business due to unsatisfied customer service might total more than the amount lost in the fraud.
Traditional “spam detectors” are notorious for their terrible “email scoring” features that often tag the most innocuous emails as potential threats. However, Fraud.net’s Email AI conducts advanced email fingerprinting. By analyzing risky subject lines, sender domains, IP addresses, and a plethora of other advanced internal and external factors, it then assigns an intelligent risk score between 1 and 100 to any incoming email.
Fraud.net’s algorithms and machine learning features mean that false positives are virtually eliminated, making for a much smoother experience at critical touchpoints.
Case management portal
Fraud.net’s case management portal makes managing fraud cases a breeze. All potentially fraudulent activities, along with their score, are logged in the portal and can be viewed and handled efficiently. The result is a reduced load on a company’s fraud team, freeing up the team’s attention during the busy period to address more complicated cases.
Analytics and visualization tools
Fraud.net’s slick analytics and visualization tools allow fraud teams to quickly grasp the areas of most significant risk, as well as the most commonly occurring threats. Fraud prevention practices can be hardened through this insight, further preventing attacks.
The only phishing solution and ransomware solution your company will ever need
With the holiday period fast approaching, we have already seen spikes in attempted fraud through email—and our Email AI system has stopped these attempts dead in their tracks.
Whereas ransomware can bring a company to its knees at any point in the year, suffering such a blow during the holiday season can obliterate sales and dry up revenue while hordes of potential customers go looking elsewhere for their much-needed gifts.
To find out more about how Fraud.net’s suite of tools can help your business navigate the treacherous roads of the holiday season, get in touch with us today to book your free demo and learn more.