The balancing act of providing an excellent customer experience and committing to the duties of fraud mitigation has become a daily struggle for many companies, which only appears to deepen over the last decade considering the growth of online payment methods and internet shopping.
A difficult assessment for a company to make is determining whether or not a certain transaction has been approved or is simply an act of fraud, though should an incorrect evaluation made and a legitimate customer be investigated, the damage the ends up resulting from this can damage the company's reputation, thus costing the company more than just money.
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Companies that handle a high volume of online transaction payments face this risk, as were blocking the payments and prospective source of fraud can rebound on the company. Many companies have been forced to bring a new focus and drive to their fraud risk management strategies in an attempt to avoid falling victim while at the same time trying to avoid incurring any undue consequences in response to these difficulties.
A certain level of trust exists in any such business activity in regards to payment legitimacy between the customer and vendor.
But still, the seller runs some degree of risk that a check will turn out fake, a deposit will be empty, or, in the very worst of cases, can find that their own account information has been compromised in every transaction. Nearly three-quarters of all businesses have faced some degree of payment fraud performed in the last two years, whether the person pulled it off or not.