Definitions, refined words and tips to useby the Fraud Prevention team

http://www.semhora.com.br

by Paulo Moura

General Fraud definition

According to the Merriam-Webster dictionary fraud is:

”the crime of using dishonest methods to take something valuable from another person—usage, synonyms, more”.

“One who is faithful in a very little is also faithful in much, and one who is dishonest in a very little is also dishonest in much…” luke 16:10-13

Paulo Moura

E-commerce Fraud

“The term refers to any type of fraud scheme that uses email, websites, chat rooms or any Internet related means to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions, or to transmit the proceeds of fraud to financial institutions or to others connected with the scheme…” wiki

Paulo Moura

Friendly Fraud

• Friendly Fraud: “... The standard definition for friendly fraud is when a customer uses a credit card to make a purchase, and then disputes the charge with their credit card company once the item(s) are received. Consumers use friendly fraud to obtain item(s) for “free”… ”

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Fraud Prevention

“Fraud deterrence is the proactive identification and removal of the causal and enabling factors of fraud”. wiki

Paulo Moura

Fraud Prevention Tools

Today in the market, you may find many different tools tohelp you spotting fraudulent on line transactions, account take over and others.

Nowadays I use Simility, because I find everything in onlyone tool, it is worthy to take a look.

“…New fraud prevention tool bred with Google technology DNA fights fraud with scheme less APIs in real time.There is a new tool on the market that even small e-commerce can afford, this product gathers many function in only one place…”.

Paulo Moura

Refined words

Here is the key – what to say and not say in some circumstances. I tried to illustrate to make an easy understand.

Why avoid to use the name Anti-fraud department?

Paulo Moura

Refined words

What the cliente understand when we use Anti-fraud department:

??

?? ?

Paulo Moura

Refined words

For the final client you may say Loss Prevention Department or Risk Department

Internally you might use Fraud Prevention Department

Paulo Moura

Refined words

• Now, that we defined a name, what a Risk department does?

• Analyze transactions• Filter and classify clients• Helps company to keep the good

financial health• Prevent chargeback• Build back and white lists• Analyze data for reporting• Identify new fraud model and new

rules for prevention• Etc.. Paulo Moura

Refined words

• How we do proceed as a team?One contact one solution (treat the case as soon as possible).

Avoid passing forward the information to many people until you have the issue solved.

Paulo Moura

What happens when...

Sometimes it is necessary to cancel transactions due its risk, here are the illustration of the different scenarios:Fraudster….ooops

Good client

Client friction

Paulo Moura

What happens when...

Sometimes it is necessary to cancel transactions due its risk, here are the illustration of the different scenarios:Fraudster….ooops

Good client

Client friction

Paulo Moura

What happens when...

If the client is good (many purchases, in different months and never had claim a chargeback) add he/she into a white list. It will reduce in a long term your manual transaction queue.

When possible, tell your client that he/she was added into a VIP list – they will feel like:

If your client have a problem related to funds NEVER use “without funds”

Use exceeded limitinstead

Paulo Moura

End

Thank you for looking into those little tips, If you found it helpfull leave you comment in my linkedin.

If you have questions, don´t hesitated to get in touch!

pauloaam@yahoo.com.br

Paulo Moura

My special thanks to:

Simility

Sem Hora

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