Have you ever realized that most people don’t make purchases at one time? They research and research more and shop the products from where they feel more secured and get cost-effective deals.
Whether it’s about ordering groceries, books, or big appliances online, the decisions can’t be quick and spontaneous for most cases.
Apart from that, the increase in eCommerce transformation has also brought up many new challenges for businesses. Frauds are the most common among all the challenges faced in the eCommerce segment.
Here are the top 3 ways how organizations have affected through cyberattacks -
When an illegitimate purchase is made on the eCommerce platform through stolen bank information or hacking attempts, the following impacts can be seen
- Lost Revenue
- Reduced Customer Satisfaction
- Increased Expenses and Costs
To help retail businesses overcome these challenges Microsoft Dynamics 365 for Retail sets to be the perfect option. It has recently come up with the newest version of the Retail platform ‘Microsoft Dynamics 365 Commerce’.
This platform is equipped with Dynamics 365 Fraud Protection features that enable businesses to safeguard their online transactions and more.
Here, in this blog, let’s understand how retail solutions and technologies by Microsoft can uplift your eCommerce business experience.
How Exactly Microsoft Dynamics 365 Fraud Protection Works?
Microsoft rolled out its Dynamics 365 Fraud Protection features with a rule-based system. It can easily detect if the transaction is coming from a rational geo-location. Based on the analysis, it would approve or deny the transaction, which reduces the chances of fraud or banking hacks.
The need of launching Microsoft Dynamics 365 Commerce solution was felt when Microsoft’s e-commerce business grew. With the growing business and workload, the company witnessed the need to make the system more accurate, efficient, and scalable.
And from there, the development of Microsoft Dynamics 365 Commerce started!
The engineering team at Microsoft shifted its perspective to the customer journey to understand the weak points in the data sets. The team analyzed and monitored the actions a potential buyer takes that leads to making a purchase. Looking at the potential fraudulent touchpoints and activities that could be made, the team unleashed machine learning capabilities.
This technological implementation helps predict fraudulent transactions more accurately and smartly. and more accurately approve or deny them. Despite that, 6% of transactions were still found prone to frauds and cyberattacks.
So, the development team applied artificial intelligence (AI) with machine learning assets to craft deep learning models. This helps with increased efficiency in tracking fraudulent transactions and stop them from occurring.
During the testing phase, Microsoft also approved some of the flagged transactions and sent them to the banks for processing. And they witnessed that the banks have rejected some of the payments, while some were still processed.
Then, they introduced KPI called profit efficiency. In this equation, the maximum profit for a product sale is in the denominator and the actual profit is the numerator.
The Dynamics 365 Fraud Protection can help Microsoft as well as many retail businesses with high-end security. This helps modern retail merchants with de-identified data into a consortium to learn more about the fraud patterns.
With frequent updates and patches, the platform becomes increasingly accurate in detecting fraudulent transactions over time.
Learn More About Microsoft Dynamics 365 Fraud Protection
As payment fraud is increasing every single day and so does the amount of money companies are investing to fix this. Dynamics 365 Commerce is an intelligence business apps that help companies manage and run their operations while elevating their customer engagement.
By using Microsoft Dynamics 365 Commerce, businesses can attract new opportunities across their organization by bringing people, data, and processes together.
Let’s have a look at the global offerings of Dynamics 365 Fraud Protection to help your organization meet the specific requirements.
Transform retail operations and attracts prospects and customers with exceptional shopping experiences.
Achieve higher impacts and sustainable business results by attracting and engaging the growing talent.
Convert the customer queries into strategic advantages to boost sales with optimized predictive services and scheduling.
Understand your customer journey, behavior, and interests with relevant information and insights.
Embrace the power of digital intelligence in each operation to convert relationships into revenue.
Project Service Automation
Build long-lasting and fruitful relationships with clients while creating a solid reputation for your brand.
5 Key Advantages You Can Experience Through Microsoft Dynamics 365 Commerce Implementation
- Adaptive AI Technology
The platform adapts to the patterns on an ongoing basis. It helps fraud managers with unique tools and features to easily optimize fraud controls.
- Fraud Protection Network
The connected knowledge provided by the platform gives a broad awareness of the fraudulent activities happening across the world. It helps businesses prioritize the security of their confidential information as well as the privacy of buyers’ information.
- Transactions Acceptance
You can easily share the transactional trust knowledge with issuing banks to enhance the authorization rates and transaction acceptance.
- Customer Escalation Support Tool
Improve customer support experience with Microsoft Dynamics 365 Commerce support tool. Keep track of detailed risk information for each transaction.
- Protection for Account Creation
Eliminate the possibilities of losses from fraudulent accounts by monitoring account creation and minimizing automated attacks on customer accounts.
We hope this has helped you gain a better understanding of Dynamics 365 fraud protection and how it works.