Eight features and characteristics to keep in mind when selecting a fraud detection software
People are moving
towards cashless payments more and more, and paying paper currency out of
physical wallets is kind of turning out to be a thing of the past. People have
started showing an inclination towards cashless payments at restaurants,
grocery stores, fast food joints, and who could forget online shopping as well.
Ecommerce has turned out
to be the new best thing, as quoted by numerous resources. In just 2021, almost
2.14 billion people are expected to shop online.
This growing demand for
cashless e-payments has not only made everyone’s life easier but also
exposed vulnerable consumers to e-commerce fraud and identity theft. More than
60% of businesses have experienced some sort of e-commerce fraud in the past 12
months.
Yet having no control
over the operation protocols would mean that businesses are losing a lot of
revenue via fraudulent activity. The easiest answer to this is to buy a top
eCommerce fraud prevention software.
So Many Top Ecommerce
Fraud Prevention Software, How to Choose?
Before thinking about
the brand of fraud protection software you’ll go for, it would
behoove you to read about their features and characteristics so that you end up
selecting the best possible software for you or your business.
Here are eight features you can consider:
Level of Automation
This step is totally up
to the business that is going to use this software for detecting fraudulent
activity. If you’re more inclined towards completely automating the entire
process, still you’ll need a team of specialists to analyze the threats manually.
This step teaches the algorithm on how to better detect fraudulent activities.
Self-Learning Capacity
of the Anti-Fraud Algorithm
Fraud detection has to
keep up with the approaches of frauds, which they frequently change to find
some loopholes in the fraud detecting algorithm. Therefore, the system should
have the capacity to evolve and learn from accumulated data to detect any
irregularities that can be overlooked. The system should be so responsive that
it can detect learned fraudulent behavior and new methods of fraudulent
anomalies.
Layers of Protection
The VP analyst of
Gartner Group, Avivah Litan, suggests a 5-layered approach to the detection of
fraudulent activities and how these can be prevented. Each of these levels
discusses the specific customer type and activity.
·
1st level
o
This is known as endpoint centric
approach, and take into account user verification, authentication of the device
they are using, and their geolocation is also tagged
·
2nd level
o
This approach is navigation centric. Here
the customer logging in a particular session is tracked for any abnormal
activities
·
3rd level
o
It is called a channel-centric approach;
analysis of the entire account of the customer is analyzed for any abnormal
behavior
·
4th level
o
It is called the cross-channel where the
customer is monitored across various channels, including bank transactions
·
5th level
o
This approach is regarding entity link
analysis and is the process of linking the behavior of various users or their
transactions performed
Ease of deployment and
integration into your existing system
Read about the top
eCommerce fraud prevention software and then visit their comment section and
review pages. This will give you an idea of the deployment time of the product.
Apart from that, the users will let you know about the advantages and
disadvantages of owning that protection system.
Now comes the tricky
part. What if the package you have selected can't be integrated with your
existing system? So you should keep this factor in your mind as well.
Settling on
Cost-Effective Packages Should Be Your Priority
Various packages with
different price points will be offered to you once you start looking for an the anti-fraud system actively. Some vendors even have flexible pricing models that
can be molded according to the size of the business and your projected worth.
The Software Should
Comply With Your Security Standards
After selecting an option that is appropriately priced according to your needs, you should
shortlist the options that offer you security and services that comply with
your security standards.
Handling of False
Positives
It is always your duty
to understand how a solution is outputted by your fraud protection system and
the way your vendor and their software team(s) handle the false positives.
An Active Customer
Support System is a Must
In this regard, active
and interactable customer support is also a must. What if you end up in a tight
spot and immediately need customer support? That’s why you should go for
the services that claim good technical customer support.
Apart from this, you
should also think of whether your chosen security measure is extended to mobile
devices and not just desktops.
Businesses strive to
meet the demands of their customers, and that translates to these organizations
asking a lot out of the software they use to facilitate financial transactions,
authentication, payment approval, blacklisting of certain consumers based on
their domains or IPs, and prompt delivery of goods to the genuine customer.
Conclusion:
Therefore, numerous
considerations have to be made, and when it comes to choosing the best possible
security software for you or your business, keep in mind the features you would
want the most.
Also Read :
丨Top 5+ Best free Malayalam Movie Download sites
丨Best Free Marathi Movie Download Sites in 2021
丨Best TV Under 50000 in India 2021