What is one of the hottest growth businesses of 2023? Business fraud. As a global pandemic and rapid technology growth moved more and more consumers into e-commerce, fraudsters increasingly found new ways to take advantage. As a result, according to Juniper Research, business losses due to e-commerce fraud are predicted to exceed US $48 billion globally in 2023, representing a 16% year-over-year growth rate from 2023 – and this trend is predicted to accelerate even further with the growth of alternative digital payment methods such as digital wallets and BNPL (buy now, pay later).
This is why Service Objects will be hosting an informative free webinar entitled “The Power of Customer Data Validation in Preventing Fraud” on Wednesday, May 24, 2023, at 11am PST/2pm EST. The webinar, hosted by Senior Product Marketing Manager Rob Manser, will discuss the different types of fraud common today, their impact on your business, and how Service Objects’ industry-leading Customer Data Validation approach can protect your business.
Understanding 21st century fraud – and how Customer Data Validation can help
While fraud has been omnipresent since the dawn of commerce, it has grown increasingly sophisticated as technology has expanded. In this webinar, Rob Manser will cover some of the key dangers to e-commerce retailers today, including:
Fake accounts. The days of mysterious buyers from a high-risk country suddenly placing a big order on a stolen credit card or bogus purchase order are giving way to seemingly realistic new accounts, that groom customer relationships with businesses before closing in for the kill.
Delivery fraud. Does the recipient address of a major order tell you anything about its risk? It may be if it isn’t consistent with other contact data, is a freight forwarder, or has other fingerprints of potential fraud – but you won’t know unless you check for these things.
Payment fraud. B2B payment fraud is ubiquitous and reportedly impacts over three quarters of businesses each year. While preventing this often involves efforts at the payment control level, detecting risky contacts is also an important part of the process.
Marketing and promotional abuse. Prospects who provide bogus contact information, whether to obtain free lead magnet materials or get into your database for future fraud, cost you money and also skew the value of your entire contact database for AI and fraud prevention efforts.
Customer Data Validation is an integrated, automated four-pronged approach that helps you flag and review potential fraud at the point of data entry. By combining an integrity check of individual contact elements, augmenting and extending data where needed, and cross-connecting interrelationships between data elements, you receive quantitative and qualitative quality signals that allow you to flag suspicious customers and prospects for further review or rejection. Please join us to learn how Customer Data Validation helps prevent fraud from the outset – saving organizations costly hits to their bottom line and reputation.
Learn how you can prevent fraud
This complimentary webinar is part of an ongoing commitment from Service Objects to educate our own customers and the public about important business issues, in areas where our products play a role in dealing with them. Fraud is one of the more critical issues facing clients today, and truly an area where a preventative approach has a very strong ROI. This free program will help you learn how fraud may affect you, and what steps you can take to prevent it.
Service Objects’ Customer Data Validation solutions are customized to an individual organization’s needs and budgets and integrated with their CRM and business automation platforms through convenient API interfaces. We offer free trial licenses to test-drive our products on us. They all come packaged with 24/7/365 technical support, expert implementation assistance, and the industry’s only financially guaranteed 99.999% uptime agreement.
Register here to join this free webinar, and to learn more about Service Objects’ Customer Data Validation solutions or request a free live demo, please contact us.
