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The Problem Of False Declines With Scam Prevention Tools

Fraud and scam prevention tools go a long way in keeping customer data safe and securing payment gateways against scammers and hackers. However, such systems and safety protocols may also bring with them a few issues. False declines are one of them.

What are false declines?

It occurs when an authentic customer tries to purchase something online with the help of their credit card, but the transaction is declined. This usually happens when scam solutions adopted by merchants erroneously flag transactions as suspicious or fraudulent.

As explained by experts at finance and insurance conferences, false declines can be extremely bad for businesses. It was reviewed by Sapio Research that 33% of American consumers would refrain from doing business with a merchant after a false decline.

In this blog, we will comprehensively list out some of the ways you can help reduce the occurrence of false declines while ensuring that your anti-spam and anti-scam solutions work seamlessly:

  • Gain a better understanding of declines: Identify the patterns that cause such declines to happen in the first place. Are bulk orders getting flagged by your scam prevention systems? Or, are orders of specific goods placed by individuals from particular countries being reported? Once you get to spot such patterns, you will be able to take appropriate action to boost transaction success rates.

  • Don’t let assumptions guide you: As reviewed by cybersecurity analysts at insurance conferences in Dubai, fraud and fake transaction prevention tools that employ AI and ML might be prone to biases, such as “orders placed by people from country X are mostly fraudulent in nature.” It is important to make sure that the tools you employ don’t fall back upon the underlying assumptions of their makers. Therefore, do go through expert reviews before you decide to purchase anti-scam and anti-spam solutions. Place your trust in a fraud detection partner that prioritizes hard data instead.

  • Include a human touch: While AI and ML scam prevention systems can be extremely effective at detecting risky and fraudulent financial transactions, they might not be foolproof. Conducting manual reviews on a regular basis is vital to making sure that the tools in place are working properly and not flagging legitimate purchases as ‘spam’ or ‘scam.’ By uniting manual interventions with smart scam prevention tools, you can boost the detection accuracy and also ensure that customers don’t face hurdles while placing orders because of the security barriers in place.

If you would like to know more about how you can elevate customer satisfaction while having multiple scam prevention safeguards in place, connect with some of the best minds in the field of cybersecurity and fraud prevention, only at the Money 2.0 Conference. Attend sessions revolving around the future of digital payments and know how you can keep your financial assets safe without compromising customer experiences.

01/05/2022 - 08:19

Yash Dogra

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Yash Dogra
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Yash Dogra is deeply interested in learning more about the world of finance and is a cryptocurrency enthusiast. He is a member of the organizing committee of the Money 2.0 Conference which will explore insurance and finance trends, acquaint attendees with new financial management tools, and highlight tactics to stay safe from fake/fraud investment schemes as well as spam and stock market scams.