Businesses these days are getting more advanced and smarter with changing times and trends. To make sure that it performs even better, it’s important to incorporate ERP solutions.
Today’s digitally transformed enterprises want to track everything in real-time with little human intervention requirements. It helps with reduced costs and increased customer experiences.
While ERP Solutions are highly beneficial for any business, they can be vulnerable too. Misusing the advantage of internet anonymity and accessibility, cyber attackers can cause serious threats to your business.
Further to its technological innovations, Microsoft has recently launched new features to Dynamics 365 Fraud Protection. These updated features are aimed at increasing efficiency across all platforms. From returns to frauds and account hijacking, businesses can find instant solutions through these features.
Why Do You Need to Protect Your Enterprises with Microsoft Dynamics 365 Fraud Protection?
The cyber attackers and criminals do not need a physical card to harm an E-commerce company. For a false transaction to occur between a company and a customer’s bank account they only need the information on the card.
And unfortunately, there are a lot of ways to steal customer’s card information.
Let’s go through some of the most common examples of frauds –
- A customer places a massive order and cancels it right after the order has been shipped.
- A fraudulent customer (after making the payment), connects with the concerned back and claim his identity was stolen. This way, he/she can cancel the transaction.
- A person can claim he didn’t receive the product and asks for another delivery at the same price.
Apart from these activities, here are some more malicious events where frauds can occur –
- Account Takeover
- Abuse of Free Trials
- Fake Product Reviews
- Warranty Fraud
- Refund Fraud
- Reseller Fraud
- Abuse of Program Discounts
Such activities massively harm the business’s reputation and revenues. Also, for businesses, it gets extremely difficult to properly investigate everything. Eventually, they lose a lot of money, time, and effort.
Without any piece of evidence or expert assistance, they can’t unmask the criminals and their fraud activities.
To help businesses with efficient monitoring and data-driven analysis, Microsoft Dynamics 365 Fraud Protection is the perfect option. It is a cloud-based solution that is designed to help online merchants with the following benefits –
- Reduced fraud rates
- increased acceptance rates
- improved customer shopping experience.
- Implementation of Adaptive AI technology to prevent payment and account-creation fraud.
- Leverage the power of connected knowledge from all Dynamics 365 Fraud Protection merchants for better fraud insights.
- Enhanced customer service with built-in escalation support.
By using artificial intelligence and machine learning (ML) and integrating with Dynamics 365 Commerce systems, you can protect your business from frauds. The innovative and advanced capabilities of Microsoft premium solution partners have no match! Let’s explore how they can help businesses in fraud protection & loss prevention –
- AI and insights from the fraud protection network
- Device fingerprinting
- A rules engine and virtual fraud analyst
- A graph explorer and scorecard
- A transaction acceptance booster.
3 Key Benefits of Using Dynamics 365 for Fraud Protection
1. Purchase Protection
- Boost acceptance rates with adaptive AI technology that equips your store managers with innovative tools to optimize fraud controls.
- Increase fraud awareness among your team members.
- Reduce losses with a fraud protection network that embraces connected knowledge to prevent fraud activity across the globe.
- Boost the customers’ shopping experiences by connecting with banks and sharing the transactional trust knowledge with them. This increases authorization rates.
- Improve customer service with a built-in escalation support tool. This helps in ensuring hassle-free customer transactions including fraud insights provided by the service.
2. Account Protection
- Safeguard your system with bot protection. Using this feature, you can protect your system against bots trying to hack accounts with stolen credentials.
- Prevent losses due to fraudulent accounts with account creation protection.
- Improve customer engagement and conversion by reducing friction.
- Use device fingerprinting to monitor the fraud network linkages and detect fraud attacks automatically.
3. Loss Prevention
- Gain better visibility into fraud risk with business intelligence reporting.
- Increase operational efficiency by reducing manual efforts.
- Enhance the loss prevention system with detailed analysis and actionable insights.
Frauds take place in non-profit organizations due to a lack of knowledge, expertise, and resources. They can’t do much of it. If you’re running a non-profit organization and looking for some authentic nonprofit management solutions, you’re at the right place.
At Narola Solutions, we can help you implement Microsoft Dynamics 365 for nonprofits. This platform can streamline your operations and safeguard your system from fraudulent activities.
If you’re willing to switch your operations to Dynamics ERP for non-profit, connect with our team. From eCommerce companies to nonprofits and more, we’re here to help all organizations with best in class Microsoft solutions.