267: How Radial is Focussing on Building Customer Confidence With Zero Fraud Liability
Before joining Radial, Andrea Dougherty didn’t even know fraud was a thing. Fast forward 7+ years and she’s now a sought-after security expert who’s protecting major brands and retailers around the world. Andrea has teamed with the FBI/police to bust cases wide open – like where a fraudster used a dead man’s credit card to buy a diamond ring (luckily the jeweler was Andrea’s client).
I invited Andrea onto the show to discuss the following:
· Playing by the rules: The best defense against fraud? How Andrea uses her technical expertise to write hundreds of business rules to spot bogus transactions. When her rules flag suspect patterns, they’re sent to human analysts who can verify the legitimacy or contact the customer directly.
· Fraud is skyrocketing by 30% YoY. Andrea shares the latest tactics being used by the bad guys, and the cutting-edge methods the good guys are using to foil sinister plots. For example, social selling, which is gaining transaction among retailers due to consumer demand, can open the floodgates.
· Advice to retailers and brands: It boils down to this – they can’t fight fraud alone. Today’s criminals are too smart; they’re only growing stronger and harder to stop. Retailers aren’t equipped to handle the onslaught. If they don’t work with a security expert, they run a grave risk: canceling half their orders and sales volume, and losing millions of dollars in the process.
Detecting fraud is a balancing act that radial achieves with a precise combination of machine learning, big data, and human intelligence to deliver the highest fraud approval rates in the industry.
Radial is the leader in omnichannel commerce technology and operations, enabling brands and retailers to profitably exceed retail customer expectations. Specialties include e-commerce, technologies, digital marketing solutions, warehouse and store fulfillment, customer service, and fraud prevention.