Fraud Moves Fast, Does Your Fraud Solution?
I recently attended a webinar presentation by one of my competitors that was shocking to me. The whole premise of the presentation was how well their fraud system worked and how much fraud it prevented.
So far, so good.
Then they started to outline the process of integration and implementation. The presenter said that due to the cost associated with the implementation of the system, the customer chose to implement it over a period of TWO YEARS!
I cannot imagine a solution today that is so complex and costly to set up for a customer that it takes two years to complete. Simply put, this translates into two years of suboptimal fraud protection, two years of vulnerability, two years of additional losses due to fraud, two years before I start to see any ROI. According to some industry experts, a company could build their own fraud solution if given two years time.
Fraud changes too quickly and hits merchants too hard to wait two years for an effective solution.
We have a customer that was being deluged by fraud from criminal networks and fraudsters out of Cuba and Vietnam. They were losing nearly $1 million dollars a month. They were being fined by the card brands to the tune $100,000 a month. If they waited two years to have a fully implemented system, they would have long been out of business. We had them out of trouble in 30 days and fully optimized in less than 90.
Another merchant was using a service that was so unreliable that 30 percent of the orders sent for review "timed out" before they could tell if it was a good order or a bad order. If you can't determine, in real-time, whether an order is good or not, your customers will notice the disruption and look elsewhere to buy.
If you have a fraud problem and your solution doesn't move faster than the fraudsters, call me.