Effective Solutions for Online Fraud Protection
Technological advancement has helped organizations spread their business on a global level. The birth of ecommerce has only provided more scope for business expansion irrespective of the geographical location. Nevertheless, this has also paved way for a simultaneous growth of a cheaper market of counterfeit goods. The technology services sector has worked out various software solutions to counter the attacks and illegal operations which can damage the brand image.
Today most of the companies with online commerce are struggling with key areas of enterprise risk management, such as counterfeiting, online fraud, grey market and channel price violations. Counterfeit operations are generally very smooth and organized making it difficult to be exposed before it can actually destroy the hard earned brand reputation of any enterprise.
Business houses and enforcement agencies however have deployed anti counterfeiting policies and effective measures to protect brand names. The enterprises at risk range from pharmaceutical products, defense, and retail to high-end luxury goods. The anti counterfeit solutions used include tools such as Enterprise Sales Intelligence and MAP Monitor. This along with brand protection solution will help businesses to survive through online violations and threats.
With the booming of the online B2B and B2C e-commerce market, fraudsters monitor the online marketplace, auction sites and set up rogue sites to sell counterfeit products. Service providers and agencies thus need to deploy intelligent practices to monitor online frauds and identify violators. Further as first steps to online fraud protection, organizations need to have effective fraud detection system in place. The PwC global economic survey conducted a few years back have report close to 50% of companies worldwide fall prey to frauds and grey market sales. Today, with the wide use of internet in every walks of life and business, counterfeiters have an access to millions more potential victims, thus paving way for a multifold increase in counterfeiting scenarios in the present era.
Being proactive with efficient fraud management solutions is one way of ensuring online fraud protection. Leading service providers have developed comprehensive online fraud protection solutions which are offered to clients as a SaaS-based solution. This software with its ability to monitor large number of sites provides the enterprises with unmatched visibility into counterfeit actions and fraudsters in the global market. Armed with the data collected, organizations can ensure online fraud protection through automatic enforcement actions and auction site shutdown.
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