The ability to make informed decisions in real-time is vital when dealing with suspected cases of fraud. Therefore, organizations employ identity verification systems to allow good customers through while keeping fraud out. To realize the most value from these efforts, companies must be able to recognize and evaluate different levels of risk, and take action to mitigate negative effects and prevent them from happening in the future. This is especially true in customer-not-present environments, where operating with a high level of confidence is essential.
A robust identity verification and fraud prevention platform ensures that a customers are who they say they are during account setup for example or when processing orders for goods and services. In addition, organizations can implement dynamic decisioning techniques in order to retain control and reduce customer friction throughout the authentication process.
What Is Dynamic Decisioning?
Organizations and executives in industries around the world use dynamic decisioning methods to make intelligent and informed decisions. Since fraudsters continue to develop new tactics, , it is more important than ever to be able to identify and deter potential cases of fraud. However, accomplishing this goal, given the sophistication of fraudsters, can be much more difficult than it seems.
Dynamic decisioning is more complex than normal decision making, which is based on reacting to single events or static circumstances. Using an identity verification and fraud prevention system that is based on comprehensive and robust reporting along with the ability to analyze processes and make immediate changes allows businesses to evaluate varying conditions and escalate suspicious transactions to a higher level of verification only when needed, and in real-time. As a result, more customers are approved, fraud is deterred and compliance standards are met.
Benefits of Dynamic Decisioning
Organizations rely on robust identity verification technology to green-light legitimate customers and flag potential fraud cases. Utilizing dynamic decisioning in your identity verification program results in more customers, as well as reduced expenses while you automate and streamline your manual review processes. It is very important that your verification platform gives you more information about a transaction in order to make an informed, and dynamic decision.
This approach enables fraud analysts and decision makers to detect discrepancies with an identity automatically, and to gain better insight into the risks associated with it. This leads to a company identifying potential fraudulent activity and being able to immediately take steps to deter it. Additionally, it allows legitimate customers to access products and services with minimal friction, and gives them confidence that any information shared is only being used to safely and securely process their transaction. Review your fraud prevention practices and see how incorporating dynamic decisioning can make a difference.
IDology, Inc. is a private, business-to-business provider of identity verification solutions using innovative technology for organizations operating in a customer-not-present environment. IDology’s proprietary product, ExpectID, goes beyond simple identity verification and is being used by some of the most well known brands around the world.