The Balancing Act of Fraud Prevention and Intrusion

  • Fraud Prevention

Im really into sports. I used to love playing growing up, and through the years, I have become an avid fan. Aside from ones I participated in, I also really enjoy watching the Olympics. Out of all the athletes there, the ones that impress me the most are the gymnasts in the balance beam competition. Not only are they incredible athletes that do amazing leaps, runs and flips, but they do it all on a 4 inch wide beam. Consider this for a moment. If they are slightly off balance to the right or the left, they fall completely off the beam, and the competition is ruined for them. Theres a reason its called a BALANCE beam.

Thats what got me thinking

When implementing an overall fraud prevention plan, I would caution companies to look for the right balance. What is the overall goal youre trying to accomplish? Are you solely trying to meet a compliance requirement? Are you looking for a way to combat fraudulent transactions on your website? Are you attempting to combat fake ids in your retail store? Identifying your goal is the first step, but a lot of companies generally struggle is in the implementation process.

Typically, companies want happy, repeat, customers, and this must be taken into account in fraud prevention. Sure, you want to mitigate fraud, but at the same time, you dont want to become so intrusive in your methods that you scare away existing customers or prevent legitimate consumers from doing business with you. It really is a balancing act, and the implementation differs greatly dependent on the industry that you are in and your customer base. There are a number of questions you must address. What type of personal information are you going to require from your customers? If you are going to make use of Knowledge Based Authentication questions, what types of questions are you going to ask? Is this going to be a one-time verification or will someone be verified each time they call in or visit your website? What is the procedure if someone does not pass through the verification process?

It really is a balancing act, and you have to discover what works best for your company. At EVS, we can customize solutions to meet the needs of our clients individually. We understand that needs evolve and every situation is different. If you are seeking some advice in your balancing act, wed be happy to be to listen and assist you in any way possible.

[Contributed by Shea Allen, Account Specialist]