This article will help you identify the most crucial questions to ask yourself when searching for solutions to combat fraud for your company.


Did you know that 27% online transactions are fraudulent? Fraudulent transactions are a major problem for businesses in every market and sector that rely on e-commerce platforms to connect with customers.


You require a revenue assurance solutions that will aid in identifying and reducing fraud risks for your business as well as consumers. This article will cover the three most important questions you need to consider when choosing a fraud prevention solution that’s best for your business. Continue reading to learn how you can safeguard your revenue.


Do You Need a Fraud Solution?

All over the world, fraud has increased significantly over the past few years. 86% of people say they’ve suffered from identity theft as well as credit/debit card fraud, or security breaches. The 15 largest data breaches of the past 20 years were involving billions of people.


Shopping online is becoming more well-known. Other services, such as mortgage, utility and utility bills car payments, insurance payments are all often done online providing potential fraudsters with plenty of chances to take consumer information.


The number of people affected by online fraud and the financial burden for small companies should be enough to make you take the prevention of fraud seriously.


What should you look for in a Fraud Solutions

When you’re researching telecommunication fraud solutions, there are certain things that you should look for and the questions you must ask. These are the types of questions you must ask to determine the possibility of a solution to solve your company’s problem with fraud.


How Long Does Transaction and Fraud Analysis Last?

Fraud solutions should be able accurately to identify the potential risk and then decide whether or not to approve transactions at the same time that customers check out. There’s a careful balance between the prevention of fraudulent transactions and ensuring that legitimate orders are being accepted. Your customers’ experience will be impacted in the event that the fraud solution is too slow to confirm the legitimacy of a transaction.


Does the Fraud Solution Make Use of an Array of Variety of Data?

In order to assist you in making risk-based decisions, it is essential to ensure that your fraud software gathers information from a variety of verticals. In order for fraud analysts to see the possibility of fraud from multiple angles, they should be able collect details about transactions and charges and securely store it. This will enable them to improve continuously the decisioning platform as well as their machine learning models.


When deciding which fraud prevention solution is best for your business Look for a solution that doesn’t just collects an abundance of information but also organizes it and shares it with the user in ways that are meaningful and allow you to take actions.


Does the Fraud Solution Utilize Machine Learning?

Any effective telecommunication fraud solution should utilize elements of machine learning as well as manual review to adapt to new fraud patterns and quickly identify fraudulent transactions. With every transaction machine learning allows you to improve your fraud detection abilities. As your business grows the fraud solution you choose to use must be able to grow along with it, and precisely adapt to new events and information.


Find Your Fraud Protection Solution Today

Your online store needs a fraud prevention tool that effectively eliminates fraud costs. It is predicted that organized fraud attacks will rise as ecommerce usage increases. It is better to be prepared now, before your business gets seriously impacted by fraud.


Vesta provides all the features you require in an effective fraud prevention solution. We provide an end-to&8211;end fraud protection service that is an all-in-one solution to protect online retailers from fraudulent transactions.