How to Assess Company Performance Relative to Fraud Chargebacks and Policy exploits

Learning Objectives

• To discuss examples of fraud methods that affect several industries.
• To evaluate how these methods can be detected by monitoring reports in the following systems: Chargebacks, Refunds/returns, Customer Service, Sales, and marketing.
• To analyze the value of leveraging automation for chargeback presentment processing.
• To identify the value of leveraging a cross-departmental approach to fraud prevention.
• To discuss the introduction to holistic fraud prevention.

Course Description

The global marketplace is ever-evolving, changing, shape-shifting, and otherwise adjusting to various demands. One demand stands out among the rest: Fraud.

The FTC reported an increase of more than 70% between 2020 and 2021, totaling more than $5.8 billion in damages. These would be categorized as transaction fraud, unauthorized purchases reported to the FTC, stemming from various reason codes. AARP (in collaboration with Javelin) reported that victims of identity theft lost $52 Billion. Another subset of fraud, identity theft looks different to the monitoring company and is calculated differently. Accertify reported on refund abuse (a subset of policy abuse), employed by customers with good spending history. The report states that the average retailer incurs $106 million in merchandise returns for every $1 billion in sales. And for every $100 in returned merchandise accepted, they lose $5.90 to return fraud.

Countless other agencies are monitoring and reporting the many flavors of fraud, touching on virtually every industry, and stemming from engagement triggered at many touch points across the customer experience journey. Account Takeovers, money laundering, Fake cash/cards/checks, third-party fraud, pig butchering, and romance scams... The list of exploits goes on.

What do we do about it? We need to take fraud seriously and develop an equally-evolving fraud prevention strategy.

In this CPE Fraud webinar, we will first identify a company's performance by diving into an understanding of the fraudulent methods that stand to affect an operation and the available data that illustrates performance. The two main focus points are chargeback performance and policy performance.

Key topics discussed in this course:

• Data Breaches
• Transactional Fraud
• How Are Fraud Methods Developed and Deployed?
• Chargebacks / Policy Performance

Join this CPE course in which speaker Alexander Hall will discuss the two crucial parts of a business operation and why becoming familiar with these metrics will help to outline the needs that a fraud prevention strategy must provide.

Overview

• Paint the picture

  5 mins
• How Are Fraud Methods Developed and Deployed?

  14 mins
• Transfers of value

  22 mins
• Tracking performance

  31 mins
• Dishonest customers can also cost you money

  42 mins