Digital transformation and associated risks
With the rise of eCommerce and other digital channels, we have observed tremendous increment of digital transactions all over the globe. And with the present pandemic situation, it got only increased. As per a study by FinancesOnline, Global eCommerce Retail Sales are expected to increase to about $6542 trillion in 2023.
With the advent of 2020 due to the trend of social distancing, there has been a spike in the use of digital traffic as more and more individuals start to go digital. Due to COVID-19, many people are opting for contactless payments, resulting in a 42% increase in Digital transactions as per the Deccan Herald and a 60 % increase in mobile payments as per Statista.
With a greater number of digital transactions, the number of fraudulent attacks also increased. As per the statistics provides by Lexis Nexis there has been a 48% increase in mobile device fraud attacks.
Fraud is forcing businesses to rethink security
Due to the increment in Fraud attacks, businesses are facing an exponential loss of revenue. According to a study by Juniper Research, this is estimated to increase by over $20 million by the end of 2021. With this steep increase in fraud, many businesses are now re-thinking security.
Fraudulent activities are a massive threat to the reputation and revenue of a company. To maintain the trust relationship with the customer, companies are investing in fraud detection and prevention.
With the right Fraud detection system
• Protect revenue streams by reducing wrongful rejects by issuing banks.
• Boost fraud immunization by gaining visibility and insights from a global footprint of fraud patterns and
• Improve customer service by unblocking wrongfully rejected transactions/customers.
All the above benefits and more can be found in Dynamics 365 Fraud Protection. Covid-19 is a perfect storm for frauds but instead of letting yourself be blown away by this storm it is better to take cover under the latest Dynamics 365 solution built just for this – Dynamics 365 Fraud Protection.
Dynamics 365 Fraud Protection
With the help of Dynamics 365 Fraud Protection:
• It is helpful to keep the trap of online frauds and manage it efficiently. This not only improves the cost but also enhances the customer experience.
• It keeps track of unwanted online fraud activities that harm business in the long run.
For instance, there are many malicious fake links generated by hackers and send to targeted individuals, which may harm the personal financial details of the employee, and confidential information may get leaked to the hackers. So, to combat this issue, the fraud management module of Dynamics 365 was introduced.
Fraud Protection Capabilities:
The basic purpose of fraud protection is to combat past fraudulent activities and ensure proper security for future business activities and transactions. The fraud prevention service detects and prevents activities that put the finances and reputations of both your business and your customers at risk.
Dynamics 365 Fraud Protection has a variety of capabilities that helps to reduce the risk of fraud, some of which are mentioned below:
Capabilities and Offerings from Dynamics 365 Fraud Protection:
Fraud protection Network: This fraud protection network helps to keep safe confidential information of the organization.
Transaction Acceptance Booster: This feature has enabled sharing of transaction trust knowledge with selected partner banks in increasing acceptance rate and reduce Fraud.
Customer escalation support tool: Provide detailed risk insights about each transaction to improve the customer support experience.
Account protection: This feature helps to detect fake account creations and manage fraud activities.
Purchase protection: Improve transaction acceptance rates against fraud loss and checkout friction with Purchase protection.
Loss prevention: This is a cloud-based solution designed to help Brick and Mortar retailers decrease in-store fraud costs and improve revenue.
Some of the benefits which are offered by Dynamics 365 Fraud Protection to the eCommerce industry are as follows:
• It boosts up the business revenue and makes business deals more profitable and risk-free.
• It reduces manual review expenses as well as operational expenses.
• It reduces the frequency of challenges and friction in the shopping experience.
• It reduces decreases wrongful rejects in the business operations.
• It increases bank acceptance rates.
To learn more about how you can guard yourself against risk and fraud with Dynamics 365 contact