Fraud detection and management has become important because the organizations have encountered a exponential increase in the fraud attempts. Customer loyalty can only be maintained in the case where the organization has proactive approach for dealing with the frauds. Therefore, there is a need for every organization to have strong fraud detection software, which can reduce the risk of loss.
Today’s fraud management software has taken a step ahead. The strong automated and analytical system can be used to identify frequency of transaction, size of transaction and location.
The digital harbor Inc. delivers strong fraud detection software that can drastically decrease the losses and prevent the company from potential frauds. Companies like digitalharbor can review upto 99.99 percent of the organization’s transactions and handle more data at high speeds, leaving a safer environment for the organization to flourish.
Review of automation and Real-Time screening of transaction
Fraud detection software helps in continuously monitoring incoming data. Real-Time data processing means that the data will be processed on its own at high speeds and employees do not need to review all the data themselves.
False positive reduction
If accuracy is what we expect in fraud detection system the every transaction needs to be assessed in a broad context which is beyond transaction amount and the location. A good fraud detection system analyses many aspects like current transaction details, pre-existing data on user’s buying habits which use device finger printing to provide accurate results.
User behaviour analysis
Fraud detection tools not only eradicate the chances of fraud attempts but also find correlations between fraud attempt and user behaviour.
Real-Time tracking and reporting of operations
If a customer needs to know the payment method, location or channel so they can switch to the fraud detection software which will help them to monitor their performance in real-time, like getting knowledge about their status of whether an order has approved or declined and tracking orders. Daily, weekly and monthly reports of total number of transactions and any suspicious activity are maintained. For a better understanding of the interconnections between the frauds and the behaviour of the user, investigation team uses fraud pattern visualization.
Documentation Management
For prevention from frauds, management of the documents becomes very important task. When documents are captured and maintained electronically then it ensures that the business will maintain reliable evidence. Online fraud detection software proves to be really effective because they ensure identification, monitors the data daily and record the data.
Spend analysis and Spend management
For eradicating the frauds, the implementation the right technology is the first step. For which, software like spend analysis and document management become an integral part. Considering the spend management technically can be helpful in tracing and tracking of weak spots for the fraudsters.
Gray market activities
It becomes important for the organizations to have the analytical data about the different gray markets activities and fraudulent. Installing proper fraud detection software protects the company from the losses the company has to face because of the fraud purchases. The company needs to choose the best fraud detection software that protect their IP and suit the company as well, which in turn stops the counterfeits.