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Safeguarding tomorrow’s digital transactions from fraud

By Victor Ng | Tuesday, March 5, 2024, 10:31 AM Asia/Singapore

Safeguarding tomorrow’s digital transactions from fraud

How should businesses balance between the fundamental tenets of user convenience and security, and ensure synergy between fraud prevention and revenue protection?

WH: First and foremost, it is important to see fraud management and customer experience as complementary tenets to each other rather than viewing them in opposition.

While risk management measures typically add friction in the shopper’s journey to ensure the authenticity of the transaction, risk management can be balanced against customer experience such that the experience for genuine shoppers remains seamless. For instance, businesses can use technologies like machine learning to make smart authentication decisions and assess whether a transaction should be authenticated through a frictionless flow or not. This boosts conversion and creates a better customer experience.

AI-driven technologies can also provide operational teams with real-time alerts for fraud detection and prevention. Machine learning on payments data enables businesses to swiftly identify patterns and anomalies, and plug into different points of the customer journey with layered friction to mitigate fraudulent activity in real time whilst optimising decision-making accuracy.

Please share some success stories of organizations in the Asia Pacific region that have implemented technology to safeguard their customers’ financial transactions.

WH: Many of our customers sit across the retail, hospitality and tourism, and F&B sectors which process vast amounts of transactions across multiple channels. Multiple touchpoints increases the potential for fraud and require a solution that considers the customer experience while protecting legitimate transactions. Here’s how we have been working with some of our customers:

TrueAlliance (Australia)

TrueAlliance, an Australian retail distributor with 19 global brands, 23 e-commerce sites and 100 brick-and-mortar stores, faced challenges due to siloed legacy payments infrastructure and traditional banking. Recognising these challenges, we worked with TrueAlliance to process payments across all 19 of its world-class brands and retail channels – both in-store and online – taking the guesswork out of fraud mitigation. This not only provided the brand a unified view of payments made across every touchpoint available, but also presented them with ease of access to customers’ preferences and purchase history, resulting in the brand achieving under 0.1% fraud rate and $1.4 million in annual savings.

GetYourGuide (global)

Grappled with fraud challenges using manual rules, impacting revenue and customer satisfaction during its global expansion, GetYourGuide adopted Adyen’s fraud prevention solution, RevenueProtect,  leading to increased acceptance rates, reduced chargeback levels, and 18 times better accuracy in blocking fraudulent transactions. The collaboration prompted GetYourGuide to activate RevenueProtect for all regions by mid-2023.

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