As businesses move increasingly online, fraud has grown exponentially. Companies report millions of dollars in fraud losses annually—and fraudsters are only getting more efficient. Yet, companies are often a step behind, deploying incomplete solutions that result in fraud going undiscovered until long after the damage has already been done.
A Better Approach to Fraud
A modern fraud mitigation solution monitors user behavior and device signals throughout the user journey in real time—all without interrupting legitimate customers. It then mitigates fraud risk by stopping fraudulent transactions before they can cost your company money.
Why is Fraud Mitigation Important Today?
COVID-19 permanently changed the business landscape by driving consumers online. Online fraud has grown right alongside online spending and threatens increased losses for businesses.
With bots and bad actors accosting businesses from all sides, many fraudulent transactions slip under the radar until long after they have been completed. This results in resolution costing companies on average three times as much as the sum of the initial transaction.
Heavy-handed security measures may decrease fraud but they also cause companies to lose frustrated customers. Modern fraud detection and prevention must balance subtlety with efficiency.
Actionable Intelligence for Real- Time Fraud Mitigation
With real-time fraud detection and mitigation, every interaction is evaluated for fraud risk—starting before login and continuing throughout the user session. Fraudulent users are identified and blocked from completing transactions, while legitimate users can transact without interruption. The platform delivers deep, actionable intelligence that allows fraud teams to identify and shore up weaknesses to make it even harder to defraud you in the future.
Did you know?
of organizations do not have the right technologies to mitigate online financial fraud.
Ping is a Leader in Converged Access Management, Identity Proofing and Fraud Detection Capabilities
The Fraud Mitigation Journey
Successfully combating online fraud requires understanding how and where fraud is occurring as well as mitigating its effects in real time and constantly improving your security posture. Use this insight to orchestrate seamless customer journeys for your legitimate users while shutting down fraudsters at the same time.
How Ping Helped Gett Solve Five Evolving Fraud Use Cases with Just One Solution
Gett has increased detection of suspicious activities that were invisible to legacy fraud detection tools by more than 120 percent. With each new generation of fraud, Ping captured increasing numbers of suspicious events. By detecting new account fraud with emulators, fraud detection within Gett’s enterprise increased by 62 percent.