In response to the changing needs of an uncertain world dealing with a deadly pandemic, businesses have had to solidify their digital presence in a bid to ensure continuity.
As online stores continue to experience a greater volume of transactions due to the growing global demand, they’re on the lookout for ways to enhance customer service and facilitate their buyers in every way possible. This has shifted opinions about online or contactless payments, turning them into a must-have service instead of a fancy add-on.
But as online stores grow in patronage, the risks of account exposure and payment fraud also seem to have increased exponentially. Fraudsters take advantage of new and unprepared businesses, hacking their systems to steal bank account details, credit card data, and other customer information.
And once the buyers have figured out that their data is in danger, they won’t ever come to shop with the same business.
That’s why e-commerce stores that value their bottom line and credibility, set up controls and processes to safeguard business and customer data. This is best done using cloud computing platforms to protect data from theft, leakage, and deletion.
What is Microsoft Dynamics 365 Fraud Protection?
Microsoft Dynamics 365 Fraud Protection is a cloud-based solution that is designed for online retailers and merchants. It is created to fight frauds and protect your business's revenue and reputation while increasing the acceptance rates.
It utilizes adaptive AI technology that offers all the tools and features merchants need to prevent account fraud and abuse. Moreover, it keeps your customers’ personal information confidential and ensures their privacy.
Dynamics 365 Fraud Protection offers the following three capabilities that can either be used separately or incorporated together according to your business needs.
Account Protection Capability
Account protection capability employs AI technology, BOT protection, and a fraud protection network to safeguard against account takeover. It protects online revenue and shields the user accounts from fraud by fighting fake account creation and even fraudulent account access.
This ensures that only your customer is authorized to make purchases so that their purchases are not labeled as fraudulent access.
It also offers device fingerprinting and sign-in protection to safeguard your customers’ accounts, improving engagement and increasing conversions. The AI technology consistently adapts itself to the changing fraud patterns generated by the customers and their experiences. To block a possible fraudulent act, it protects the customers’ accounts by blocking all activities.
Loss Prevention Capability
This capability protects your revenue stream by detecting any anomalies and fraud on discounts and returns that mostly arise from Omnichannel purchases. By employing the power of AI, loss prevention capability monitors the omnichannel purchases for fraudulent patterns and offers business owners the right tools that enhance the visibility into frauds and abuses.
The adaptive AI technology works with the fraud protection network and adjusts to the evolving patterns resulting from improper discounts or merchandise mishandling. This saves businesses from manual efforts and allows them to focus on other vital tasks that contribute to the online store's growth.
Loss prevention capability even offers actionable insights that provide real-time information on fraudulent activities so that you can take the necessary steps to prevent them.
Purchase Protection Capability
It improves an online store’s acceptance rates by safeguarding their online revenue while minimizing checkout friction through intelligent tools. It shares the banks' fraud prevention information to increase the authorization rates, prevent wrong rejects, and keep your customer data secure.
Thus with the surge of online payments and many new users risking their credit card details by entering their card information, purchase protection capability ensures customer retention.
Moreover, the built-in support tool updates the network with fraud activity information while improving customer service.
In Conclusion
If you are skeptical about Dynamics 365 Fraud Protection, know that it is powered by the same technology that Microsoft uses to protect its online transactions. Since its release, Microsoft has successfully saved operational expenses while minimizing mislabeled rejects and decreasing the money lost to frauds.
This is why it is the right time to support your business and protect your revenue stream by combatting fraud with Dynamics 365 Fraud Protection. So, even when we are going through a global health crisis, you can support and strengthen your business processes with this solution.
Head over to Definity First to leverage the power of Dynamics 365 Fraud Protection and shield your online business from frauds and abuse.
