ecommerce expo 2011 - Stopping fraud does not have to mean cutting off potential customers
Businesses need to take the right approach to risk management to ensure dealing with fraud does not mean rejecting genuine transactions and losing customers.
Ernst & Young, which offers a full fraud and risk management service to clients in all sectors, says fraud risk management should not lead to crude attempts to block fraud which results in loss of profits.
Nicolas Mallison Director of Ernst & Young’s Forensic Data Analytics says: “The fraud risk management should be optimised in such a way that for every bit of additional risk accepted, the maximum increase in orders should be achieved in return. Low fraud does not always mean an optimised risk management, a firm may be blocking potential orders which could be accepted with little or no risk.”
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