Look for These 3 Things in Your Next Fraud Management Solution

Fraud has been plaguing civilization since as early as 300 B.C. when an ancient Greek merchant figured out that he could sink his own ship and collect the insurance money. In modern times, things have gotten a lot more complicated. Fraud has become more rampant than ever before, and its billions of dollars of impact on industries across the world only grows with time. 

Today’s fraud comes in many different forms. Identify theft, credit card fraud, and data theft through network infiltration just scratch the surface of the multitudes of fraudulent threats lurking in the shadows. 

Simply put, companies of all sizes and across all industries face a constant risk of fraudulent crime. 

In response to the rising prevalence of fraud, countless fraud management solutions are being offered from a multitude of protection companies. However, not all solutions are created equally. Many companies that assume they’re being protected end up falling prey to fraudsters. 

We’ve put together a list of 3 things that you should look for when selecting a fraud management solution for maximum protection. 

1. Automation

Even the best fraud security team can only work so many hours at a time. Fraud attacks, on the other hand, occur at any time on any day in a variety of different ways. 

That’s where the power of automation steps in. When using AI and machine learning, fraud protection platforms possess the ability to work around the clock in fending off attacks. If done well, this can be an overwhelmingly powerful tool that takes your defenses to the next level. 

Another major benefit of automation is the speed at which an AI platform can analyze data and identify potential threats. 

Every interaction a user has with your company’s site is a potential point of attack, whether a login or a transaction. The resulting quantity of data can be overwhelming for even the best team of analysts, eating up valuable time better spent elsewhere on more pressing tasks. 

With an automated data analysis platform in your fraud management solution, your data team’s workload is heavily reduced and any potential fraudulent activity is identified more quickly, which allows for a faster response. 

2. A Collective Intelligence Network

One benefit of the prolific presence of fraud activity is the amount of data that has been gathered because of it. Every fraud attack gives us data that can then be used to prevent the same attack from happening again. 

A strong advanced fraud solution should include access to a database of this information. Having the ability to leverage the collective intelligence of an entire global database of known fraud threats gives your prevention team the information needed to defend against them. 

When you combine automated fraud protection platforms with a collective intelligence network, suddenly you have a system capable of accurately identifying threats at lightning speed using billions of data points. It’s the epitome of the “know your enemy” philosophy. 

Utilizing collective intelligence also cuts down on false flags and irrelevant data, things that can really bog down a response team. 

3. 3rd Party Integrations

No single advanced fraud solution is going to be a perfect defense/response platform, and it shouldn’t have to be. A truly powerful platform will offer the capability to integrate with your other solutions

When a company selects a fraud protection service, they’re making an investment. Moving away from that investment means both time and money are lost, employees who were trained in using those tools need to relearn something else, and areas of protection that service offered might be left open with a newer service. 

By using a fraud protection platform that is designed to allow integration with 3rd party tools, services, and data sets, you benefit in several ways. Your security investments continue to work for your company, and you strengthen your fraud protection by adding to it instead of replacing it.

Fraud Management Solutions with Fraud.net

Fraud.net’s team of fraud security experts has spent years building and perfecting a platform of fraud prevention solutions that include all of the above tools and more. Contact us today and find out how we can provide the solution for all of your fraud protection needs.