Rethinking Your Fraud Approach: With Everyone Spending More Time Online, How Do You Stop Criminals from Exploiting COVID-19?
As we wage the battle to slow and stop the spread of COVID-19, the new normal means people are staying home: we work from home, school from home, play at home—and we can do all that, thankfully, online.
But there’s a dark side. While combating fraud is always a chief concern for businesses, criminals are exploiting the current crisis to an even greater advantage. Today’s criminals send official-looking emails containing malware or with links to phishing websites. All these are attempts to obtain personal identifiable information (PII) from unsuspecting consumers so that these fraudsters can open new accounts or commit other forms of identity fraud.
That’s bad enough in “normal” times, but in the age of COVID-19, with everyone online, it’s even worse. Fraudsters are now playing on people’s worst fears and insecurities, with online offers of fake COVID-19 cures, phishing emails from WHO and the CDC, and requesting donations for fake COVID-related charities.
While many businesses are struggling to simply weather this current storm of unnatural market disruption, they can’t afford to ignore the damage such a hyper-increase in online fraud can wreak. And even though the Justice Department has stepped up its vigilance to detect and prosecute pandemic-related fraud activities, now more than ever, businesses must be vigilant in how they themselves approach fraud.
With Enova’s robust strategy for fraud detection and prevention, our customers were already prepared to combat fraud in this new normal. As a digital native with 15+ years in financial services, Enova has to be good at detecting fraud to be successful. Enova’s secret? Make manual fraud operations and fraud analytics work hand-in-hand. The good news is that Enova Decisions has packaged much of Enova’s know-how and technology into solutions that let you automate as much as 90% of your fraud detection and prevention—so your operations team can focus its time on the more difficult cases.
To help your business get started, over the next few weeks, our blog will focus on steps your business can take to mitigate fraud. And we’ll discuss solutions you can implement quickly, then iterate and scale them for the long term. Topics to be covered include the following:
- Link Variables and Network Analysis
- Velocity Variables and Stream Analytics
- 3rd-Party Data
- Machine Learning & Decision Management
- Continuous Optimization
Stay tuned or contact us today to learn how we can help your business get better fraud detection and prevention up-and-running quickly.