With the continued growth of global interconnectedness online, the manner of digital businesses and their operations have changed forever.   Fraud is now more common and sophisticated than ever before, especially in developing countries, and the only way to stay ahead of fraudsters is to take advantage of the latest fraud monitoring solutions. But what should you be considering when developing your risk strategy?

The balance between fraud attacks and prevention is highly dynamic. One small oversight could wipe out years of hard-earned success. As fraudsters are getting more sophisticated with their tactics, digital platforms need to become more pragmatic at fighting back. It’s crucial for platform owners to adopt strong fraud monitoring solutions.

What are fraud monitoring solutions?

Fraud monitoring systems are essential tools for digital platform owners. They are typically designed to identify and mitigate fraudulent activities that threaten their operations at scale.

A fraud monitoring solution is the foundation of a strong fraud prevention strategy for digital platforms. The solution often brings together a combination of machine learning, artificial intelligence, and rules-based systems to identify potential fraudulent activities.

The two major objectives of fraud monitoring solutions are :

1. Protecting the financial and reputational assets of an organization

2. Earning customers’ and users’ trust 

For digital platforms, a fraud monitoring solution is like having a reliable watchdog that keeps an eye on all the major and minor activities on your platform 24/7. Always on high alert, ready to detect any signs of suspicious behavior, and provides real-time feedback to ensure that you stay protected at all times.

What are the benefits of fraud monitoring solutions for businesses and customers? 

The core benefits of a fraud monitoring solution are straightforward: they prevent bad actors from gaining access to your platform. This can help prevent  a number of different compliance and risk issues such as money laundering, for example.  

It also acts as a layer of protection for your customers too, blocking such attacks like account takeovers.  

Benefit for Businesses

Minimizes financial losses due to fraud - The solution provides real-time protection against payment fraud. It reduces the likelihood of losing revenue due to fraud-related incidents. It further reduces the financial burden, allowing organizations to allocate resources more effectively instead of constantly coping with or handling fraud issues.

Streamlines incident response - At the first sign of a breach, the device involved can be identified and blocked from accessing the platform. The solution also keeps a list of potentially risky devices (indicating risk level), which facilitates quicker identification and resolution of fraud attempts.

Enhances brand reputation - Having an effective fraud monitoring solution demonstrates the platform’s commitment to security, fostering customer loyalty and trust. This assurance makes users feel safer about their transactions, leading to a higher likelihood of engagement with the platform.

Improves regulatory compliance -  A fraud management solution greatly assists organizations in meeting regulatory requirements and ensuring necessary compliance. It further allows organizations to worry less about fraud and focus more on other core operations.

Benefit For Customers

Increases customer satisfaction -  The solution alerts platform owners to any foul play in real time, allowing for quick fraud identification and resolution. This keeps the platform safe from threats and plays a vital role in maintaining customer satisfaction.

Prevents identity theft  - The solution monitors unidentified login patterns and can spot fake identities created from the same device. Organizations can easily block such devices, keeping the platform safe from identity theft and keeping the users satisfied.

Block Account Takeover Attempts- The solution safeguards customer accounts from unauthorized access. It can accurately identify signs of account takeover, such as a single device accessing numerous  user accounts or log in from a different geographical location. 

Conclusion

Safeguarding against fraud is no longer optional—it's essential.

By investing in a fraud monitoring solution, you not only protect your customers but also help your business succeed. At SHIELD we understand the unique challenges digital organizations face, which is why our tailored solutions stand out in the industry. SHIELD is a device-first fraud intelligence platform that helps digital businesses worldwide stop all fraudulent activity. We work on empowering businesses to stay ahead of new and unknown fraud threats and are trusted by global unicorns like inDrive, Alibaba, Swiggy, Meesho, TrueMoney, and more. 

Learn how SHIELD can help you build a perfect fraud monitoring solution for your business.