E-Commerce Fraud Prevention Consulting Options for Large Businesses

Most e-commerce fraud prevention vendors talk about their comprehensive outsourced solutions. However, what about businesses that are already running an in-house fraud program? Your business might not need a fully outsourced solution. Fortunately, ClearSale offers customizable fraud consulting solutions that can help.

Sometimes, businesses simply need a trusted advisor to help them address targeted challenges within their existing fraud program.

In these cases, the business needs a partner who can provide an objective assessment of the challenge and identify the best approach to take.

That’s exactly where ClearSale can help, with solutions tailored to each client’s individual needs. Fraud prevention consulting services might include:

  1. Training your employees to recognize fraud
  2. Assistance with fraud filters
  3. Development of fraud score algorithms
  4. Risk assessments

Let’s explore each of these fraud prevention consulting services further.

Train Employees to Recognize Fraud

Building an in-house team of fraud analysts is no easy endeavor. If your staff isn’t current on evolving fraud trends, they risk missing significant fraud events — and that can be an expensive mistake.

ClearSale can train your employees on emerging fraud schemes, providing best practices to identify even the most subtle indicators of fraud. We also provide support following the training; our consultants are just a phone call away if issues or attacks should arise.

Layer Fraud Filter Rules Properly

Some businesses might opt to rely heavily on the fraud filters that come included with their e-commerce platform. However, implementing these fraud filters can be surprisingly tricky. As you add filter on top of filter, it’s possible that one filter can actually cancel out other filters. Therefore, the order in which these filter rules execute becomes extremely important.

ClearSale can provide an experienced, objective evaluation of your system to ensure it is properly structured to maximize your fraud protection.

Develop Fraud Score Algorithms

In addition to fraud filter rules, many businesses utilize an automated fraud score to quantify the fraud risk of each incoming order.

As an unbiased third party, ClearSale can help you build a comprehensive algorithm that produces the most accurate numeric score based on multiple transaction details. We can also help analyze the effectiveness of your existing fraud score algorithm, by looking at your accuracy rate (the proportion of the total number of correct predictions) and the quality of your score via K-S measurement (the degree of separation between positive and negative fraud distributions).

Lastly, we can also train your in-house fraud analysts in the most effective ways of using these fraud scores for approve-decline decisions.

Perform a Risk Assessment

Fraud is continually – and quickly – evolving, so regular CNP fraud risk assessments are critical to evaluate and improve your fraud prevention process. Fortunately, this assessment doesn’t have to be complicated or take up significant time and resources.

ClearSale has developed a comprehensive risk assessment process that includes:

  • Identifying leaks in your fraud management system that let fraudulent orders slip through the cracks.
  • Identifying blockages in your system that falsely decline legitimate orders.
  • Measuring and analyzing how well your system is performing.

Over the course of nearly 20 years serving more than 3,000 businesses across all industries and regions of the world, we have perfected our fraud risk assessment process to incorporate the best practices we believe every e-commerce merchant — regardless of size, experience or location — should follow.

We’ve also incorporated these best practices into our e-book, “How to Understand Your CNP Fraud Risk and Optimize Your Fraud Prevention Process,” where we break down fraud prevention into actionable to-do items and help you evaluate your e-commerce fraud management system.

Whether you’re looking for an off-the-shelf e-commerce fraud prevention solution that fits your business’s needs, or whether you need advanced fraud prevention consulting services to take your in-house program to the next level, ClearSale can help. Contact our fraud prevention experts today!

Our global experience with fighting fraud in a range of industries has taught us the smartest ways to solve the unique problems facing industries, merchants and customers today — and we’re ready to share that expertise with you.

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