Fraud Prevention
Distance retailing continues to grow dramatically as consumers take advantage of the many convenient and efficient channels that are now available to them. With the success of these channels however, we have unfortunately also seen a significant rise in the instances of Cardholder Not Present (CNP) fraud – a trend that regrettably looks set to continue.
For many organisations the level of fraud that they have experienced has caught them out as they hadn’t anticipated the sophistication of the fraudsters or their ability to circumvent the basic security measures put in place. We have worked with a number of companies to introduce processes and tools that are designed to identify and combat the fraudsters by detecting fraudulent purchases and patterns across the business – before they result in financial loss. Fundamental to our Fraud Prevention Service is a desire to ensure that honest customers are not penalised by the measures that we introduce. The results have been dramatic with one of our customers enjoying a reduction in fraudulent transactions somewhere in the region of 95% - a massive cost saving to the business.
