How fraud policy management experts can prepare you for peak seasons
Peak seasons are make-or-break for online retailers, an opportunity to make up for lost time and revenue. But it’s not just the busy seasons that online retailers have to manage. The flurry of returns, refunds, and disputes that come after are just as crucial to a successful season.
If your team wants to scale fraud prevention without significantly increasing costs or headcount, it’s time to call in the experts. Kount’s Policy Management and Optimization services can give you access to fraud policy management experts.
Our experts use decades of industry-leading knowledge to provide best-in-class recommendations and results. And they can prepare your business for peak seasons in three key areas.
They can significantly reduce manual reviews
Every year, new research shows significant spikes in online purchases. And as much as you try to plan, there’s no way to know how much your transaction volumes will increase in peak seasons. So if you’re already struggling to keep workers or train them on manual reviews, you might not be ready to review more transactions.
Practicing manual fraud review best practices can help. But if you’re running peak season promotions or introducing new products or channels, you could significantly increase your manual reviews. Increasing headcount is an option, but hiring is expensive and time-consuming.
Fraud policy management experts take the hassle out of hiring and training personnel to conduct fraud reviews during peak seasons. These experts understand e-commerce transaction risks and trust levels inside and out. They can evaluate your manual review and review-then-decline rates and recommend policy adjustments to reduce manual reviews, lower chargeback costs, and increase revenue.
They can approve more good orders to increase revenue
Getting manual reviews under control is the first step. After that, a fraud policy management expert can take a machine-learning-focussed approach to help you approve more good orders automatically and scale your fraud strategies.
This approach prioritizes improving fraud rules over time instead of making manual micro-adjustments. So instead of implementing a limited set of rules, an expert can help Kount’s AI and machine learning use knowledge from billions of online interactions to determine good and suspicious behavior.
For example, instead of reviewing all high-value orders, an expert can help you adjust your policies to approve more good orders outright while maintaining or reducing fraud rates.
They can take a deeper dive into why you decline transactions and expand rules to assess risk and trust better. In doing so, your operational costs stay the same, but you stand to increase revenue significantly.
Plus, accepting more good orders outright can help you reduce false positives during peak seasons. And that’s essential, given what fraud policy management experts know about false positives and the customer journey.
For instance, 25% of consumers Kount surveyed before the 2020 holiday season said they wouldn’t return to a website if it turned away their legitimate transaction.
They can maximize risk assessment efficiency
The busy seasons aren’t the best time to lose valuable resources to manual reviews. Businesses need to optimize fast and maximize their fraud prevention tools. And no one knows fraud prevention tools, advanced AI, and machine learning like fraud policy management experts.
These experts are an extension of your team but don’t need extensive training or onboarding to help you see results. Once an expert fine-tunes manual reviews and fully automates decisions, they can maximize your use of Kount’s Omniscore technology.
The goal is to make sure Kount has enough data from the business to ensure the best rules and data fields are in place to produce the most accurate risk scores. Fraud policy experts combine big data and machine learning capabilities with knowledge acquired over decades of industry experience in risk and trust.
From there, they can design and recommend policies that are backed by data from thousands of rule analyses and use cases.
Get expert fraud policy management through Kount’s services
Kount’s Policy Management and Optimization services help customers achieve their performance and fraud prevention goals. They put an experienced fraud professional on your team whose knowledge can turn around fraud recommendations for peak-season readiness quickly.
Through data-driven consulting engagements with a senior data analyst, businesses gain customized, in-depth comparative analyses. And they get expert recommendations to optimize their long-term fraud prevention strategies.
Kount’s industry veterans act as trusted extensions to fraud and e-commerce teams, collaborating to meet unique business needs and set the stage for continued growth and evolution.