The Unseen Risks: Identifying Hidden Fraud and Flaws in Your Customer Journey

Fraud
Payments
Dark Web
Mangopay
Jul 03, 2024
Webinars

When it comes to fraud prevention strategies, we usually identify two approaches:

Risk-averse approach. The goal is to stop as much fraud as early as possible. It's better to decline a few legitimate transactions, which might slightly lower conversion rates, than to suffer the consequences of fraud.

Growth-oriented approach. The goal is to accept as many transactions as possible to create a frictionless customer experience, even if it means accepting the risks of fraud. This can increase the checkout experience and sales, but it's a bet that could lead to fraud issues down the line.

The impact on the customer journey is at the foundation of both approaches. Ultimately, CX must strive to be frictionless and secure. However, besides streamlining CX, equally crucial is unmasking and mitigating that part of fraud that might be overlooked, causing both revenue and trust issues.

To give the audience a complete picture, we’ll share how fraudsters 'warm up the shop' by mimicking legitimate customers and delve into the silent danger zones across the customer journey where fraud can slip through, and CX can be affected.

We’ll discuss:

  • Common mistakes that make fraudsters come back for more
  • How fraud goes unnoticed and only shows up later in the financial statements
  • Why you can accidentally block good customers, resulting in lost sales and retention
  • The limitations on static protection vs. dynamic, behavior-based anomaly detection systems that adapt to emerging fraud tactics

Lastly, we’ll explore several advanced fraud detection techniques that can prevent fraud in its tracks with no harm to customer experience. To fight fraud and increase precision, it’s essential to use dynamic prevention methods powered by darknet insights, ML models that adapt to emerging threats in real time, and allow an explainable AI approach by naming threats. Let’s see how you can get the best out of all.

After this session, the attendees will go home with three key insights:

  • What tactics do fraudsters use to ‘warm up the shop’ and mimic the paths of legitimate customers
  • How to identify and mitigate hidden fraud pitfalls
  • How to design a fraud prevention strategy with a positive impact on business growth and customer experience

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