Combat Online Fraud with BPMS

An estimated $3.5 billion in revenue was lost by E-Commerce merchants in 2012 due to online fraud. Merchants need to effectively combat against online fraud to guard top line growth. However, as online sales continue to grow, merchants are finding it more challenging to effectively combat online fraud only by manually reviewing orders for fraud. The sheer high volume of online orders means that merchants have to adopt automated process and rule based screening approaches as well. As fraudsters find new ways to cheat and commit fraud, online merchants also need to continuously update their automated process and rule based screening approaches to effectively combat innovations in fraud. Also, merchants need to institute processes and rules for fraud screening that are specific to their unique business model, and industry. For instance, an online store selling high-value luxury watches may not consider a high value transaction as high risk. On the other hand, an online store selling low-value retail items may consider a high value order as a high risk for fraud.

A business process management system (BPMS) allows an online merchant to automate and continuously update their business-specific process and rule based fraud screening approaches by offering the following:

Process and rule-based fraud screening suite. Stay ahead of the fraudsters by rapidly building a re-usable and continuously updateable suite of process and rules-based fraud screening models to score risk.

Integrated dashboards. Deliver a “single view” of the risk case by pulling all risk relevant content and related items from various other systems.

Tuning and Real-Time Reporting. Leverage real-time analytics to examine risk trends, financial impact, and other key risk related performance indicators to fine-tune risk scoring models.

More quickly engage with fraud risks. Deal with fraud risks in a secure environment from anywhere over the web or on-the-go through a mobile device.

Fraudsters evolve and flout their conquests. It is time that online merchants adopt BPMS to stay ahead of the fraudsters.

*Sources and References:

CyberSource

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PolariseMe Attends First E-Commerce Summit in U.A.E

Telecommunication Regulatory Authority, TRA, recently held the first e-commerce summit in Dubai, U.A.E on September 9th 2013. Industry’s leading organizations and minds across the Middle East and North Africa (MENA) region were present at this event. PolariseMe also attended this event. One of the main topics of discussion at this event was the mobile usage trends in U.A.E.

Individual Mobile Internet and Online Activities in U.A.E

Individual Mobile Internet and Online Activities in U.A.E

As the above infographic shows, U.A.E has 73.8 percent smart phone penetration. This means that approximately 6.8 million UAE residents use smartphones. Also, it is interesting to see that the highest mobile usage activities include sending and receiving e-mails and social media interaction.

So how can a smart organization in U.A.E take advantage of this high smart phone penetration rate and mobile usage trend data? These statistics suggest that most employees in an organization own a smart phone, and are familiar with some form of social interaction on their smart phone. By adopting business process management (BPM) software, an organization can enable its employees to be securely connected to critical business processes on-the-go through a simple no-training social interface.

Our offering of leading BPM technology brings work and social together on mobile. It magnifies the power of social collaboration as it occurs in the context of work even on-the-go. It empowers relevant participants to instantly communicate, take action, track events, send requests, receive notifications, and integrate with existing CRM, ERP, and database systems wherever they may be. The benefits of mobile computing are clear: enhanced responsiveness, faster access to critical data, greater efficiency, and greater customer satisfaction. Is your organization taking advantage of these recent mobile innovations to stay ahead of the game?

 

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