Is a Tailored Managed Fraud Service Right for Your Business?

Recently, Danny Omiliak, Senior Consultant with W. Capra Consulting Group, was enjoying some time away from his Chicago home, visiting Arizona.  At the same time, however, Danny’s credit card was making purchases around Chicagoland. 

Imagine for a moment, that you were a merchant among the handful where Danny’s stolen card was used- do you have the tools in place and the people on staff to flag fraud when it happens at your Point of Sale?  How tailored are your fraud rules?  Worse- are fraudsters flocking to use stolen cards at your sites because they know you don’t manage your fraud effectively or in a manner that evolves with current trends?

Block those fraudsters.

Unless blessed with clairvoyant capabilities, merchants who accept card present payments cannot look at a credit card and readily identify that a transaction may be fraudulent.  To compound the issue, US consumers are consistently resistant to the idea of adding additional friction or verification to the time of purchase. 

“In immediate fulfillment models,” Danny says, “It’s not as though you can tell the person who just dined at your restaurant, for example, that you want to do some additional verification on the validity of their transaction and to wait a couple days.”

An effective solution must not only detect the fraud live to meet immediate business objectives, but it must also leverage machine learning capabilities to inform how you’ll manage the ongoing evolution of fraud.

When asked about trends in fraud, Danny added, “Do you mean trends and attacks last week or this week?  They change so frequently that your solution has to be nimble and targeted.”

One size fits many?

If you’ve recently completed a market scan for fraud tools and solutions, you know there are plenty of “black box” solutions that, as a merchant, you can buy and add to your arsenal to fight fraud.  This is akin to buying an article of clothing that “fits most” online.  It may fit, but it won’t fit well.  A black box fraud solution won’t be tailored to your business and won’t evolve to match the changes within your business and the infinite evolution of fraud.  

A tailored fraud solution that evolves to match changing business needs and evolving fraud techniques may sound like an expensive and time intensive process.  W. Capra’s Managed Fraud services seamlessly complement and work with your team to engineer a made-to-measure, nimble solution that evolves alongside your needs.

When not having his credit card data stolen, Danny is dedicated to assisting W. Capra clients with Managed Fraud Services, Loyalty Programs, and Data Privacy. For further discussion, contact Danny Omiliak at domiliak@wcapra.com