The faster you start up your fraud prevention, the more you’re protected.
There is a critical period between making decisions and deploying or engaging with fraud services, solutions, or apps. Momentum can cool once a contract is signed. There can be any number of administrative to technical hoops to jump through; still, the plain fact remains that the more you wait to deploy online fraud prevention tools, the more time you risk exposure to being on the market for potential fraudsters. To avoid this, you need a robust fraud solution that can be rapidly onboarded (and expanded on) to ensure fraud detection and protection.
The Current State of Fraud
Spoiler Alert: Fraud is not going away; it is only getting bigger, and fraudsters are getting better at it:
- The U.S. experienced a 311% increase in fraud victims, with a total payout of $350 million from 2019 to 2020
- The Identity Theft Resource Center (ITRC) reported that 1,862 data compromises occurred in 2021, breaking the previous 2017’s then-record high of 1,506
- Occupational fraud costs U.S. businesses more than $4.7 trillion per year.
- 80% of companies experienced attempted or actual payments fraud
With these trends rising rapidly, you need to employ a comprehensive fraud solution – fast.
Choose Fraud Solutions Wisely, But Keep Rapid Onboarding in Mind
Choosing the best fraud solution for your business should not be a gut reaction to sales pitches. While weighing the pros and cons of offerings, remember to ask how long onboarding takes.
Most fraud solutions take 3-6 months to onboard new clients. That is a long time to wait, given the increasing trends and numbers mentioned above. This time frame usually increases if you also employ third-party integrations or vendors. What good would a fraud solution be that leaves you vulnerable after the fact?
You need a solution that can quickly keep you defended against current threats. Additionally, it would be best to have a built-in AI and Machine Learning platform, so up-and-coming threats are accounted for efficiently and your platform doesn’t need tedious manual review.
Fraud.net’s Rapid Onboarding Times Minimizes Fraud Risk
A best-in-class online fraud prevention tool like Fraud.net, up and running in 90 days or less, can mean savings for your company and your clients.
Fraud.net was built to be a modular platform. You can start with one API and later add on others. Fraud.net enables you to set your policies, and we help with the rest! You can start with our off-the-shelf fraud prevention solutions. Once ready, you can expand your fraud protection practice to include customizations for scanning and detailed digital fingerprints.
Fraud.net’s unified platform has application services that can bring together your proprietary data, 3rd party vendor data, and artificial intelligence to make sense of a completed application.
Rapid onboarding for our solution is not the only speedy thing about the Fraud.net platform. Our product Application AI delivers quick, real-time risk application assessments to review legitimate customers. This process helps to stop fraudulent attempts before they can cause harm to you and your customers, and the rapidity enables you to detect much more potential fraud in less time.
Furthermore, businesses only want the best for their clients, which extends to using only high-trust vendors to boost profitability and improve customer experiences. Fraud.net’s ‘Know Your Vendor’ (KYV) solution was purpose-built for procurement and compliance teams. It removes vendor application and onboarding risks and stops invoice fraud before it infects your operations. Fraud.net’s AI-enabled KYV also has rapidity that streamlines with a one-click vendor verification and onboarding process.
You’ll always know what to do with Fraud.net’s in-house expertise and award-winning customer support. Whether learning how to get the most out of the platform or planning for customizations, our fraud specialists are ready to help you determine the best possible combination of available solutions.
Fraud.net Rapidly Onboards Online Protection
In the face of rapid fraud expansion, organizations must modernize and level-up efforts to protect their customers, data, and businesses against fraud. Companies cannot afford to wait for online protection. Organizations need an AI-powered solution that is modular and configurable. One that can be onboarded in record time to face the ever-growing fraud and cyber security challenges. Cybercriminals are not going to wait until you have a solution in place to attack. Stay a step ahead by choosing Fraud.net to rapidly onboard online protection.
Are you interested in getting ahead of tomorrow’s fraud schemes today? Book a demo now to speak to one of our solutions consultants about your specific business needs.