Conversion Rate Efficacy and Fraud Reduction Part 4
September 23, 2021
In part 4, we explore how automation and expert opinion can weigh in on your fraud management needs.
Automation
Automation is a powerful tool, enabling efficiency and accuracy with properly set parameters. However, even the best automated systems deserve human backup as part of the manual review process.
This integral element means that transaction flagged for reviews within certain pre-set conditions can be delegated to fraud prevention experts for determination. tween fraud prevention and high conversion rates, a useful fraud filter must encompass more than fraud identification—it must equally focus on the positive identification of good customers. This is the only way for merchants to ensure their fraud management system helps drive genuine customers to checkout, by improving user experience and boosting loyalty.
This is the only way for merchants to ensure their fraud management system helps drive genuine customers to checkout, by improving user experience and boosting loyalty. Manual review processes offer merchant fraud management teams the flexibility to sift through riskier, though not always fraudulent, transactions (which make incremental, though valuable, growth to conversion rates without a comparable rise in fraud).
Besides the manual review process, fraud experts also play another key role in the day-to-day management of fraud strategies. Nearly every fraud tool and process need configuration and guided development by well-informed experts.
Also, while the fraud platform handles most of the analysis, fraud experts can focus on reviewing and culling information from the data to take next steps towards maximizing platform performance. This constant monitoring and tweaking (when necessary) ensure that fraud detection and conversion rates are properly and proactively managed.
By this measure, fraud analysts become “revenue enablers,” using their expertise and the intelligence tools at their disposal to support broader areas of a business. Fraud management systems are a source of valuable data points for sales and marketing departments and, where information and business strategies intersect, fraud managers can support business growth through tailored changes and performance monitoring.
They also offer key insights and invaluable information to customer behavior and purchasing trends.
Conclusion
An all-encompassing fraud management platform configured to drive conversion rates helps keep sales moving safely. The key to success lies in tweaking the fraud-filter—not as simply a net catcher for fraudsters, but as a broader protection against loss (either in the form of fraud or conversion rate declines). Aligning the combination of tools and expert knowledge to properly combat these issues put the wealth of data and powerful analytics tools to good use.
Ultimately, merchants and payment providers must articulate their goals and align on the identification of fraudsters and genuine customers—blocking one group while supporting the other. Fraud management supports frictionless checkout experiences and maximizes conversion rates for those customers formerly outlined and marked by the appropriate automated systems.
No other structure is more important for a merchant than their payment setup, and success translates into boosted revenues, higher customer satisfaction and greater profits.
While fraudsters are constantly adapting to beat newly generated systems, genuine customers shift preferences, find new methods to shop and act unpredictably, expecting more from each shopping experience. Maintaining dynamic solutions for customers should be of utmost importance to merchants as they seek to remain “fluid, informed, timely and adaptive to ensure revenues are protected.”
Alto Global Processing is your premiere global transactions’ partner. How has your business catered to the needs of user experiences in the checkout process? Share your thoughts in the comments section below! And check out ACI Worlwide for more information on payment processing.
Remember, AltoShield serves as a great tool in fraud reduction and we’re always happy to start a business relationship with you. Reach out today!
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