Robust Online Fraud Detection Solutions for the e-Commerce Market
Globalization and Technology innovations have paved the way for the growth of e-commerce that has although been beneficial to the organization but has turned out to be the primary driver of grey market and counterfeiting activities. In their attempt to counter these attacks, many enterprises employ counterfeit detection solutions which are either manual methods or semi-automated methods of scouring the Internet.
The economic survey done by PwC suggests nearly 50% of the companies across the globe are victims of frauds. The growing use of the World Wide Web for B2B or B2C sales has only made way for the growth of online frauds with counterfeiters gaining access to millions of potential victims.
Online fraud detection is a critical issue in the present day techno savvy world. The effect of counterfeiting and online frauds may not always have drastic effect at the retailer levels, but the ones most affected will be the original manufactures and the authorized dealer channel, with damages leading to financial losses besides loss of brand reputation. Enterprises therefore need an enterprise risk management solution that will help keep these risks at bay.
With the rising demands for preventing internet fraud, a number of enterprises have forayed into designing and developing online brand protection solutions for the e-commerce market. Many of these online monitoring solutions though help in detecting trademark violations, but do not actually aid in detecting products or websites targeted by fraudsters.
Organizations need to opt for online fraud detection solutions that would help them to monitor a wide number of global of e-commerce websites and grey market channels. It should also provide the client organizations with identified and analyzed suspect data delivery through easy-to-use dashboards and email alerts. Such analysis helps organizations with visibility across the spectrum and helps them to proactively respond with anti fraud actions.
The use of efficient online fraud management solution by organizations reduces the impact of counterfeits on their company. The 24/7 SaaS based solution offers brand and IP protection, enterprise sales intelligence , channel intelligence, market intelligence and warranty watch. This online fraud detection software prioritizes each suspect, its discount percentage and number of product listings as well as their sales volume. On the basis of this analysis organization can engage investigation and enforcement procedures against the fraudsters. Such robust solutions help to stop erosion of revenue, profit and brand reputation besides providing the customers better returns on their investments.
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