Payment fraud is fundamentally the CFO’s problem.
Of course, the teams responsible for payments and card processing tend to straddle many different areas, from operations to product and development. In fact, the finance team owns and has responsibility for payments in fully half of the companies Forrester surveyed for the 2016 State of Retail Payments report.
This is for good reason - basis points on the top line can translate to percentage points on the bottom line.
The operational overhead and hidden cost of fraud can be particularly damaging for the finance team to root out. This makes the rising cost and growing lack of predictability for fraud prevention, which is an integral part of the payments process, particularly painful for Finance leaders and teams.
When it comes to fraud and fraud prevention, there are three main elements with which Finance teams are struggling:
Forter addresses the challenges of today’s complex fraud ecosystem with a solution that removes much of the cost of fraud and of fraud prevention, as well as all of the unpredictability, and keeps pace with the evolving threat.
Alongside all this, the exceptional accuracy of Forter's system ensures that while your business will block fraud, it will do so without inconveniencing, delaying or rejecting genuine customers. Your approval rates and sales are maximized, while fraud costs are minimized.
The costs of non-compliant users, users who commit referral fraud or coupon abuse, are also dramatically reduced with Forter's End-to-End solution. Using End-to-End will allow your organization to place itself on a firm foundation of digital trust.
If you would like to find out more about the impact that an emphasis on accuracy and innovative technology can have on costs and forecasts, download the Accuracy in Fraud Prevention and Finance white paper.