How to Enhance the Customer Journey and Create Trust and Safety

Digital technology has been a boon for commerce, allowing businesses to reach a larger audience than they could locally and at a lower operating cost. But rising fraud threatens to negate many of the financial benefits of online purchasing, and business owners are left with few good options to fight back. 

Can better fraud detection be the solution to decrease friction for good customers while deterring bad actors?

Going Beyond Basic Loss Prevention

Traditionally, e-commerce product managers and security and risk leaders responsible for identity verification and fraud detection focus largely on loss prevention. Reducing losses makes a huge splash on the P&L statement, so they are increasingly eager to combat fraud in this manner. 

However, the tactics used in loss prevention can often mar a company’s trust and digital safety in the eyes of the customer. Transactions may be erroneously flagged as fraud or create a number of high-friction challenges that customers must complete before their transaction is approved.

The result may be less loss, but it can also mean less “gain” for the company in terms of repeat sales to legitimate customers.

Enhancing the Customer Journey While Deterring Dishonest Actors

The new era of fraud detection shifts away from basic loss prevention and centers on establishing a higher level of digital safety and trust. It takes into account ways to enhance the customer journey while also stopping bad actors at the gate.

Organizations that successfully adopt a mindset of digital safety and trust tend to share three common attributes:

First, they have dedicated trust and safety roles. These resources focus solely on improvements and establish metrics to ensure protection and growth are both priorities. 

Second, they provide a check-out process and other activities tailored to the individual. Customers that have demonstrated good faith in previous transactions can enjoy a more streamlined, one-click process, for example. Building trust is a tenet of reducing risk, but it cuts both ways. Customers also need to be able to trust a company’s business processes in verifying identities and not allowing fraudulent charges to pass. 

And last but not least, they employ holistic automated fraud detection solutions. Platforms like DataVisor offer real-time insight across millions of data points in all channels to identify potential bad actors before damage occurs. With limited manual intervention, good actors can pass through workflows with less friction while suspicious customers may have to clear additional checkpoints.

How DataVisor Creates Trust and Safety in Digital Businesses

DataVisor is helping e-commerce companies to enhance customer journeys while creating higher levels of digital safety and trust. Machine learning fraud detection reviews customer data across multiple channels to assess risk factors in real time, then routes the customer’s experience to appropriate next steps based on those risks.

What’s more, DataVisor continually assesses new risks and automatically incorporates them into its decision-making. Digital safety and trust teams can make impactful operational adjustments on an ongoing basis.

It’s time to view risk through a customer-centric lens. Learn more when you download our ebook: The Dummy Handbook on Account Protection.