In today’s fast-paced business landscape, protecting your business from fraud while maintaining an exceptional customer experience is akin to walking a tightrope. And all while maximizing operational efficiency. These three drivers need to be balanced in line with your specific business goals.
As we delve into the dynamic realm of fraud prevention, we’ll explore the importance of this balance and how value-added services can pave the way for your success.
Evolving Threats in the World of Fraud
In our ever-evolving digital world, fraudsters are quick to adapt and devise new tactics. To stay ahead, you need a dynamic approach that constantly aligns with this changing fraud landscape. It’s important to keep asking yourself whether your fraud prevention solution is up to date and in line with your current business priorities.
Evaluating Your Solution’s Performance, Be Proactive
When was the last time you assessed how effectively your solution adapts to your operational model? This can be a complex process, requiring time and expertise to collect the performance measures and analyse them.
This journey doesn’t have to be a solitary one. Outseer Fraud Advisory experts have extensive experience from working with a wide range of customers. They can help you navigate the ever-changing fraud landscape.
Say goodbye to the endless cycle of reaction. Embrace a proactive approach.
Key Questions to Keep in Mind
How do you know whether your fraud prevention solution is delivering the optimal business value? Here are a few questions to ask.
- Tactics Alignment: Are you keeping pace with evolving fraud tactics, and adjusting your operational model accordingly?
- Technology Adaptation: Is your technology stack agile enough to shield your business from the latest fraud advancements?
- Business Resilience: Does your strategy remain robust and adaptable, even as your business priorities shift?
- Skills Evolution: Is your team evolving and enhancing their skills to extract maximum value from your fraud management solutions?
Let’s look at how Outseer value added services can help you make this assessment and identify the right actions to take.
A Proactive Approach for Success
Optimizing performance is a continual process. At Outseer we use a four-step approach to proactively find the right changes for your specific business needs. Let’s break it down:
1. Understand
Start by understanding your current business targets, goals, and priorities.
2. Review
Collect metrics that provide a true reflection of your solution’s performance.
3. Analyze
Leverage data science, industry benchmarks, and research to uncover areas for improvement. Indicators such as traffic, intervention rates, case marking, rule performance, and fraud performance are your compass.
4. Action
Find specific, actionable changes that can boost performance where you need it most.
Customer Success Stories
Does this approach work? Let’s look at the remarkable results achieved in some real-world examples taken from the wide range of engagements that Outseer has been involved with.
A Strong Foundation — Getting the Implementation Right
One customer discovered issues within their system’s implementation. Outseer Professional Services stepped in to help rectify the situation. By addressing concerns related to infrastructure design, log file maintenance, and configuration, they restored the system’s health, ensuring it was aligned with the customer’s needs.
Value: Enhanced system reliability, improved operational efficiency, and minimized disruptions.
The Right Inputs — Mastering the Data
Another customer faced a challenge where their mobile application integration generated a new unique device ID with every interaction. With the guidance of Outseer, they resolved this integration issue, ensuring that the right data flowed seamlessly into their fraud management system.
Value: Improved data accuracy, enhanced fraud detection capabilities, and reduced false positives.
Empowered Teams — Adoption and Education
In one case, staff turnover led to a misunderstanding among users about the correlation between case marking and fraud detection performance. This resulted in misclassified fraud cases. Through educational sessions led by Outseer, users gained a clearer understanding of their system, emphasizing the importance of accurate feedback.
Value: Empowered users, improved fraud detection accuracy, and reduced manual intervention.
Effective Decisions — Refining the Rules
A thorough review of rules uncovered gaps in transaction types covered by decline rules. By refining their rules, the customer achieved a more robust fraud prevention strategy, with sensitivity analysis supporting decision-making processes.
Value: Enhanced rule effectiveness, reduced fraud instances, and better decision support.
Focus on Your Priorities — Streamlining Case Management
One customer faced a high volume of fraud cases that overwhelmed their team. Outseer worked with them to analyze the fraud types and prioritize them based on business impact. This led to the creation of cases for high-priority fraud types only, streamlining their case management process.
Value: Streamlined operations, reduced workload, and improved focus on high-priority cases.
The Road to Enhanced Performance
Protecting your business from fraud whilst giving your customers a great experience requires constant vigilance. Taking a proactive, methodical approach will ensure that your fraud detection solution remains in line with your business priorities and ahead of the ever-changing tactics used by fraudsters.
This is not something that you need to deal with alone. Outseers Fraud Advisory experts can bring extensive experience from across the industry to help you make the right decisions. Our flexible approach ensures that you take the right actions for your specific business needs.
Outseer Connect is a global roadshow with events bringing together financial services senior fraud and risk professionals to collaborate and network. Topics range from real-time payments, mitigating online scams, CNP fraud, 3DS metrics and ROI, navigating the intricate maze of diverse risk signals, and strategies to drive optimal fraud prevention outcomes. Register your interest for events in Toronto, Kuala Lumpur, London, Sydney, Tokyo, and New York.
