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Guide to Commercial Credit Fraud Detection
Protect your assets with the best solutions for detecting business credit fraud
Fortunately, there are tools available for detecting credit fraud, including software, consultants and keeping up on fraud prevention systems and methods. And while it's important to detect fraud, you'll also need to implement a system to prevent it altogether.
When coming up with a fraud detection and prevention system for commercial fraud, consider the following information:
1. Business credit fraud is more lucrative for thieves as the monetary loss exceeds that of consumer fraud.
2. Commercial fraud protection can be difficult; it's sometimes hard to differentiate between a legitimate new business and fraud, as they may have similar credit profiles.
3. Flushing out fraud in business applications can be tough without giving up good customer service, but commercial fraud detection services that are well developed will protect both parties and lead to a good working relationship.
Action Steps
The best contacts and resources to help you get it done
Compare and purchase credit fraud detection software
Through what's called a fraud screening process, software will help to authenticate your commercial applications. The fraud detection software runs background checks through multiple databases based on set parameters, and flags potentially fraudulent details.
I recommend:
Review the features offered through Alaric's fraud detection software program called Fractals. Or browse and compare multiple software choices through Capterra.
Hire a commercial fraud detection consultant firm
Since the potential for loss can be so great, it may be best to hire an expert or firm trained in fraud prevention and detection. They'll be able to advise you on your particular business transactions and help secure a system to combat fraud.
I recommend:
Fair Isaac Corporation offers fraud situation analysis along with other services. Review examples of payment and fraud projects performed by JCO Group.
Use technology to keep up on commercial credit fraud detection
Fraud detection services must be able to keep up with the changing face of fraud. As soon as thieves create new ways to commit fraud, you must be able to adapt your methods to combat them.
I recommend:
Download a webcast from Oversight Systems about transaction monitoring and corporate fraud control. Replay the webinar "Hitting a Moving Target: Protecting You & Your Customers from Online Fraud" offered by Entrust.
Tips & Tactics
Helpful advice for making the most of this Guide- Your credit fraud prevention program should start with the application. Include the business name, address and telephone number as well as the guarantor's personal data. An address verification process can help solidify that the business actually exists in that location. Address and phone data are of the most benefit in determining if the application is false.
