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Case Study: Online Retailer Uses New Fraud Detection Systems To Cut Fraud Loss Rates

Abstract: A North American online retailer found that fraud losses ate at profits and affected the customer experience. The retailer’s manual fraud management processes could not scale with the volume of its online and phone-based sales. As a result, fraud professionals at the company decided to implement a new fraud management solution. Unfortunately, the first solution didn’t have a decision engine to create more-advanced fraud detection rules to fight increasingly sophisticated fraud techniques.

The retailer implemented a different solution that allowed them to create advanced fraud detection rules and increase efficiency of fraud management functions within the department to review more orders faster. The team was also able to absorb additional fraud-related functions (chargebacks and collections) that other departments previously handled, without increasing staff. Managers could also track overall performance with online reports, which allowed analysts to work from home.

As a result, fraud losses dropped from a peak of $2 million in 2001 to $180,000 in 2010.

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Highlights: Look for a product that allows for more detailed and granular rule definitions Add flexible rules quickly to combat new fraud types Have a review interface with case management capabilities Have out-of-the-box integration with third-party fraud information sources Adding device fingerprinting Spread costs and improve accuracy over time Streamline and track fraud analyst performance Create balanced fraud scorecards   Who should attend? Fraud Managers Loss Prevention Managers CFO, Directors of Finance VP Sales