August 3, 2015 — Know thy customer
NuData Security has been included in an article published with Internet Retailer that examines how retailers can use data to understand their customers and help detect “bad users.”
But retailers who have a fuller understanding of their customers and their shopping patterns find that such information can help them spot anomalies that may indicate a criminal is attempting to commit fraud. Systems that evaluate a transaction against how this buyer has behaved in the past can help a retailer quickly assess the risk and make a decision about whether to ship the item or contact the customer for verification.
“Traditionally companies have been evaluating the transaction at the end; it’s been very perimeter-based,” says Ryan Wilk, director of customer success at NuData Security Inc., which specializes in user behavior analytics. He says online retailers should make decisions based on information they have collected prior to this purchase, as well as the factors they normally assess—such as the value of the item, whether the customer asks for expedited delivery and whether billing and shipping addresses match.
To read the full article at Internet Retailer, click here.