In this excerpt from The Connected Economy’s Power Source – CEO Edition, Nicolas Stehle, founder and CEO of Scalefast, talks about the importance of fighting fraud in the digital economy, and how each firm needs its own customized approach. “Brands need sophisticated, enterprise-grade solutions that will protect them against bad actors and bots seeking to siphon off profits,” he says. “Payment services providers are the trusted partners brands can rely on.”
No industry is poised to transform how businesses fight back against digital fraud more than the payments industry. Scalefast believes there is no one-size-fits-all approach to eCommerce. The same can be said of fraud prevention. Successful mitigation strategies require a custom approach and a delicate balance between approval rates and chargebacks.
Scalefast has developed sophisticated algorithms that keep our clients one step ahead of digital criminals. Our enterprise-grade fraud detection technology can quickly analyze multiple data sources on hundreds of orders per second.
This real-time analysis of order data patterns, when combined with third-party fraud screening and scoring tools, results in massive revenue risk reduction for our clients.
Fighting fraud requires a human touch that even the most advanced algorithms cannot replicate. Scalefast’s team of fraud prevention experts monitor clients’ stores 24/7, benchmarking them against norms for their verticals and eliminating problems before they begin. With payment approval rates above industry average and chargebacks kept to a minimum, our clients take additional profit margins and experience a significant reduction in digital theft.
International eCommerce is complicated, interconnected and ever-changing. When transactions shift to online, criminals follow. Brands that fail to respond appropriately to the rise in eCommerce fraud will cede their positive customer relationships, conversion rates and profit margins to bad actors. Current fraud tactics run the gamut from the elementary to the advanced. As technology, digital payments and online shopping behaviors accelerate, fraudsters’ strategies shift as well. For many brands, the task is too complex to tackle alone. Brands need sophisticated, enterprise-grade solutions that will protect them against bad actors and bots seeking to siphon off profits. Payment services providers are the trusted partners brands can rely on.
Selected by EFXA