One of the most flexible ways to deal with fraud trends and changing behaviors is your fraud operations team, reviewing cases and changing rules as needed to deal with emerging issues.
However, while highly flexible, this is often a high maintenance option costing the company a lot of money. An average review in the industry takes 5-10 minutes, over multiple systems, and false positive numbers range between 20-80%.With over 27% of orders being manually reviewed at most retailers, this is a major cost center that often has a hard time justifying itself and any further investment. On the other hand, every penny saved goes to the bottom line.
How do you get the best out of your operations team? We have some advice, based on
what we’re hearing from our customers and how they’re using Signifyd.
- Reduce clicks to decision. A short period of counting clicks and time between starting and finishing a case will tell you: most agents spend a majority of review time on waiting for screens to load, clicking between them and alternating between them to compare results (!). Reduce your review process to one, centralized, organized interface.
- Color code and Pre-process. Missing important details is one of the biggest reasons for false positives. Organize data in meaningful ways and code it – by colors and icons that follow work patterns – to make sure nothing is lost. Make sure as much information is processed automatically and organized in a manner that allows quick conclusions.
- Tier agents and use Work-flow tools. The other major time sink is agents who have a hard time making a decision and defer it or ask for advice, creating a debate on the floor, while other experienced agents are under utilized. Create tiers of agents and specialties, allowing tough cases to be escalated quickly to the right person who’s seen many of them and can make the right decision quickly.
At Signifyd, we’ve been helping companies make the best of their operational teams for a while now, and we’ve seen tremendous success. We’d love to share more with you. Contact us today!