Here’s how to choose the best fraud management software for your company.
There’s a reason companies are seeking out the best fraud management systems right now. 2020 saw a massive increase in year-over-year ecommerce sales worldwide. According to an analysis of hundreds of millions of online transactions around the globe, the retail sector experienced over 200% growth compared to the same period last year. (ACI Worldwide)
This tsunami-like growth has opened the floodgates for fraudsters. Fraud attempts are up 3.7% from the same time in 2019 (ACI Worldwide). As a result, fraud management and identity verification have become critical focal points of doing business.
Rapyd Reviews: The Best Fraud Management Systems for eCommerce
For businesses, tackling fraud should include making changes to payment method acceptance, monitoring chargebacks and improving buyer identity verification. If fraud rates climb too high, major credit card companies can revoke a merchant’s right to process payments. Not only that, but high rates of fraud can tarnish a company’s reputation, creating distrust among customers and limit growth potential for the future.
Detecting and preventing fraud requires specialized systems that fit your business needs. Implementing the best fraud management system takes time and effort. Most merchants don’t have the capacity or internal experience to oversee their own fraud management team. Choosing the right system not only protects your business, it can free you up to work more efficiently and effectively as your business grows.
What to Expect from the Best Fraud Management Systems
With so many choices out there, how do you choose the best fraud management software? Consider the following attributes when evaluating fraud management systems.
Fraud Visibility
Choose a fraud management system that provides deep visibility into the many types of credit card fraud facing companies and customers today – as well as fraud from local and alternative payment methods, such as ewallets and bank transfers. Consider fraud management systems that have visibility into a large number of global transactions in order to recognize new threats and fraud attempts quickly.
Customization
Many companies need a system that can block fraudulent transactions and allow valid ones based on custom rules they set up. In addition to options that let businesses take a hands-off approach, the best solutions allow users to create their own rules and adjust settings based on different countries or regions where they accept payments and their individual risk tolerances. You need a system that aligns with your level of sophistication and your needs.
Machine Learning
Good fraud management systems use AI and machine learning to improve fraud detection. These systems “learn” over time to block bad transactions and allow legitimate ones. This protects your business while reducing false positives that lead to lost sales. Many fraud management systems use machine learning and AI to improve fraud detection and put the right preventive processes in place without a lot of hands-on intervention.
Ease of Integration
It shouldn’t be a headache to deploy and integrate a fraud management system into your existing ecommerce or payment processing platform. In fact, many payment processing solutions provide integrated fraud protection, which can dramatically simplify fraud management for businesses. Be sure to choose a tool that is easy to set up and maintain so you get protection no matter what payment methods you accept.
Best Fraud Management Systems
Below is a list of fraud management systems to serve as a guide as you choose the best solution for your company and customers.
Rapyd
Rapyd Protect is the first cross-border fraud management system for all payment methods and provides the best global solution. Rapyd offers customized, comprehensive international fraud management through AI modeling and proprietary data insights, recognizing high-risk transactions across payment methods. Rapyd is also the only fraud prevention solution that is combined with the world’s largest global payments network, protecting against fraud while accepting or sending payments.