Welcome to our Product Talks series, where Bectran's Platform Services experts discuss challenges in order-to-cash and how to use the platform to boost your operations.
Join us in this episode as Platform Services Corey Batz explains Bectran’s fraud prevention suite. Learn how you can verify an array of customer data to secure your business.
Do you have a topic you want to hear our take on? Let us know by emailing us at producttalk@bectran.com.
Below are some highlights from the conversation.
Q: Is it possible to implement only certain components of the suite?
Certainly, yeah. Really each individual component is its own package. So, let's say you only need and you only care about Secretary of State validation and maybe the application data verification service through Ekata. Maybe those are the only two things you care about. You don't really care about driver’s license verification. You don't really mind [not having] ACH verification. Maybe you don't collect it. Each individual component of the Fraud Prevention Suite is its own package, so you can pick and choose however you'd want to mix and match with any of the pieces.
Q: What kind of security gains do organizations have with the fraud prevention suite?
I'm going to use an example from a couple of my customers from Ekata. There's a lot of things that it will track. If the customer files a credit application with you and they use an email address that is very similar to an email address of a customer that you do business with consistently. One example was xyzbuilders.com. The fraud email that was submitted—but all the actual data was very accurate to the last application—was xyzbuilder.com.
Some things that you wouldn't necessarily catch on a daily basis, but because of the Ekata suite and because of the data that we get back, we can tell you “Hey, guess what? This email address with this email domain was only created a day ago. This e-mail domain hasn't existed for more than a day.” That’s a huge red flag.
Q: Why is this something that companies should be concerned about? What are the trends with fraud among B2B businesses?
Yeah, it’s interesting. I speak with some of my customers that say fraud is not a very big thing in our industry. And then I speak with some customers that say fraud is rampant. Surprisingly enough, I do have a customer in the book industry, and their fraud is extremely rampant, which is very interesting to me. A lot of people will submit applications and get lines of credit, basically as fraudsters pretending to be somebody that they're not. And they can actually be out quite a bit of money because once that product is gone and once that product's been sent, you're never going to see that money again. That’s it.
I would say that [fraud] is something that you definitely should be concerned about, even if it's not something that you encounter on a daily basis. It's the digital world, right? We see it every single day, even as consumers. And unfortunately, in the digital world, people's information is very readily available because of all the places that we enter it into. Especially for businesses because of the fact that that information is rather readily available. It's not something that you have to go dig for really hard.
What challenges do you hear current users bring up, and what tips can you offer to help overcome them?
One of the biggest challenges I think and it's more general is “How do I stop fraud?” And it's one of the things that we're trying to accomplish here. It's kind of difficult from that perspective, especially because there still needs to be some kind of a human element when things might seem fishy. We can raise as many red flags as we can possibly fathom with the data that we have, but I will say that it's still very, very difficult to stop every case of fraud. But the tools that we offer will allow you to raise those red flags, and kick these out of automation, and allow your team to dig into those a lot deeper to actually check and make sure that it is or is not fraud. Instead of it getting missed and the possibility of you losing product, thousands of dollars, what have you.
If you want to see how Bectran’s Fraud Prevention Suite can protect your business, schedule a demo today or contact us at info@bectran.com.
