The data we are currently producing is growing exponentially and doubling year on year. So, harnessing the power of all this data is becoming an increasingly popular decision-making tool for businesses, particularly when it comes to utilizing fraud data.
Businesses can use fraud data to approve good transactions, reject fraudulent ones, and create a frictionless customer experience faster and with more accuracy. However, this information can do more than just detect and reduce fraud.
Read more about how merchants can use fraud data to their advantage in this blog post from Kount, one of Yapstone’s anti-fraud partners, or get our high-level summary below.
#1 Increase your ROI on marketing campaigns
The more data you have at your disposal, the better you can market to prospective customers. By not leveraging this information, businesses can risk reducing the accuracy of their conversion rate, leading them to invest too much (or too little) in marketing their products and services.
Businesses need to know more than just how many users complete transactions, especially if many of these transactions are fraudulent or lead to chargebacks. For example, using the Yapstone Portal, our merchants can effortlessly identify legitimate customers and approve them immediately. This frictionless process reveals critical insights that enhance their focus and enables them to better target customers, often translating to increased business.
#2 Expand international sales and increase your revenue
It’s often easy for businesses to make assumptions about their customers. However, customers have their own set of attributions and require personalized communications tailored to their specific needs. For merchants combining local payment methods with the ability to collect and analyze rich data points to create a complete picture of your global consumer base can drive power to new sales channels and markets.
By analyzing fraud data, our customers can identify legitimate and fraudulent transactions, in not just the US but international markets too, which becomes increasingly important as they scale. As merchants move from local markets in the US or EU to other parts of the globe, they can be confident that Yapstone will provide the same level of sophisticated tools and expertise to facilitate their growth.
#3 Upsell and cross-sell to ideal customers
Not every customer is using the products they buy online. They sometimes buy products to engage in refund and return fraud or retail arbitrage. Even though these customers are completing legitimate transactions, everything they purchase has a negative ROI.
Integration with Kount has enabled our merchants to uncover their low-value customers in several ways, for example, based on the number of friendly disputes each customer has made. Utilizing these valuable insights from fraud data combined with market basket analysis and customer segmentation can increase customer lifetime value while improving cybersecurity measures.
Ultimately, fraud data can minimize fraud and maximize returns
Fraud data analytics enhance traditional fraud detection methods and add a new dimension to minimizing risks and maximizing ROI. Successfully applying these data points is an ongoing process and involves consistent monitoring, detecting, decision-making, case management, and implementing improvements back into the system.
Therefore, finding a solution that helps while protecting the entire customer journey is essential. Successful fraud prevention will not only help to reduce fraud and drive accurate identity trust decisions to deliver a frictionless customer experience but should be a vital component of the integrity of your organization.
Yapstone’s integration with Kount can reduce fraud and drive accurate identity trust decisions to deliver a frictionless customer experience for merchants. Head over to Kount’s Blog, three ways fraud data can improve business strategies, to learn more. Or get in touch to find out more about how our full-stack payments platform can cut through the payment complexities to amplify your growth in new markets.
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