Challenges in fraud prevention
Fraudulent activities have evolved with the advancement of technology, making it difficult for businesses to keep up. Traditional fraud prevention methods often rely on manual reviews or rules-based systems, which can be time-consuming and prone to human error. With the increasing volume of online transactions, businesses need a more efficient and effective way to detect and prevent fraud.
Understanding Verifi Inform
Inform is the simplest product in this lineup but it’s one of the most important. At heart, Inform is a real time data feed from Visa to the merchant. You can be informed of chargebacks and fraud flagged transactions before even your processors knows it’s happening. They said for the nightly data files, but you don’t have to.
What can you do with this data?
#Verifi Inform allows you to know that you are getting a chargeback or that a transaction is being flagged for Fraud by the issuer right as its happening. So instead of waiting days to weeks for a chargeback to roll in or maybe never even knowing that a transaction has been flagged foe fraud, you know immediately as the issuer pressing the button on their portal. With this you can stop shipments, turn off access to a digital good or online service, and even prevent future transactions.
One often forgotten use for this data is to keep track of your Visa Fraud rate that is so important in the even changing world or Monitoring Programs. Merchants need to be aware that depending on your MCC, you could be placed in a program by Visa if your fraud flagged transactions exceed $25,000 in one month. Inform is about the only way to track this information.
If this is real time, do I need a big integration…
Generally, yes, you have to do an integration in to Verifi to get this data, but with Fraud Deflect you just need to sign up. Our User Interface lets you see your Inform data in real time and we can also email you or invoke a webhook that you provide. So you get the data how you want and when you want it.
If we’re hosting your transaction data for you, we even calculate your Fraud Rates so you can keep track without having to do any work.
Verifi Inform is a powerful tool for any merchant and we feel like there is no reason to not use it. As a merchant we’ve always wanted and fought for access to this data and now any merchant can finally get it.