90% decrease in fraudulent transactions, resulting in significant cost savings and an enhanced customer experience.

Business Needs

• The client needed a trustworthy, reliable and competent partner who can help implement and improve its fraud prevention measures.
• The vendor must have relevant experience to analyze, implement and improve its fraud prevision mechanisms.
• The vendor must be analytical and technical savvy to manage complex fraud prevention policies, leveraging available tools and business / operational workflows.
• The vendor needed to have superior customer service skills to engage with customers and financial institutions via multiple channels such phone, web chat and email.

Challenges

• The client is a true multichannel retailer that sells high-end and expensive jewelry products, many of which come embedded with premium diamonds. A growing business also presents greater challenges to our client to protect itself against undue financial losses attributed to fraudulent transactions and chargebacks. Equally important to our client is to ensure that stricter fraud prevention measures do not alienate loyal customers and acquisition of new customers.

Solutions and Benefits

• Over 90% reduction in fraudulent transactions provides exceptional ROI and cost savings to the client, while also improving customer experience
• Same day verification of suspect orders on multiple applications and touch points help prevent fraud and ensures timely processing of legitimate orders
• CES’ team approves and rejects online transactions based on pre-determined thresholds, while providing actionable reporting to help improve business rules and policies
• Expert project management and dedicated team members function as a seamless extension of the client’s risk assessment and fraud operations team.