Fighting back in milliseconds is key to stopping a fraud attack. Seconds are hours at the speed of the internet, and fraud just doesn’t wait. Rich Stuppy, Chief Operating Officer, Kount, outlines how important it is to have a fraud strategy in place that is able to work in an omnichannel environment and fight fraud fast.
Rich Stuppy: When you think about the amount of time it takes to stop a fraud attack, you have to be able to fight back in milliseconds. Literally the fraction of a blink of an eye. It can’t be the sort of thing where you wait seconds. Seconds are hours at the speed of the internet.
Growing your business, you want to leverage every single channel that you can. Whether it is taking call center transactions over the phone or mobile transactions in an app or in a mobile browser or a fixed internet. All of those are really important and having a fraud control strategy that can work in an omni-channel environment is very important. Every business has a unique go to market. That go to market is being guided strategically by the thought leaders in your company. You need to be able to take that same level of thought leadership and apply it to a fraud control system. The internet is about opportunity. It’s the opportunity to sells goods anywhere, anytime to anyone. You have to be able to do that and you have to be able to fight fraud while you’re doing it. The old adage is as true as ever, ‘he who has the gold makes the rules’. And the rules are definitely stacked against an online merchant. You’re on the hook for losses. You can get fines and penalties from a chargeback program and if it goes wrong for you, you’re at risk for losing your business.