Running a profitable business is no easy task, and the complexities can only increase if you are operating across multiple channels. With so many factors to consider, businesses sometimes underestimate the importance of monitoring for any fraudulent transactions hidden amongst online and mail order/telephone order sales. It’s one of those issues that you never quite get around to thinking about.
Without sufficient fraud screening processes in place, you may effectively be delivering a percentage of your profit margin straight into the hands of criminals. Businesses work hard to generate sales so it is vital to ensure that they are genuine and are not going to result in any unwanted and expensive chargebacks. It is absolutely essential that transactions be validated; failing to do so may be a costly mistake.
That said, you almost certainly don’t want to spend hours manually checking each transaction to determine whether or not it is from a genuine customer. The obvious answer is to invest in a fraud screening solution. Aside from budget requirements, you must also consider if the proposed solution is flexible enough to meet your individual needs and whether it is compatible with your systems and technology.
CyberSource knows that protecting your business is every bit as important as keeping fraud out – smaller businesses should have the same quality of protection as the global corporations. CyberSource has developed a new risk management solution, Decision Manager, which can be tailored to meet the specific needs of smaller businesses, within budget and with the same level of award winning customer support.
With the rollout of chip & PIN threatening to drive fraud from the high street and with many large online retailers managing their fraud screening effectively, smaller businesses may be the next target for fraudsters. Get prepared – don’t let them walk off with your hard earned profit!