As customer expectations for convenient user experiences and good deals collide with increasing sophistication of fraudsters to create more risk gaps, the holidays have become especially perilous for e-commerce retailers. Effective planning for the busy holiday shopping season, therefore, is more important than ever. At a session of the CNP Virtual Summit, Dajana Gajic-Fisic, head of e-commerce fraud and risk management at Finish Line, outlined why holiday planning is so important and steps any fraud team should consider.
At the top of the list for holiday planning, fraud departments must collaborate with other departments in their organization, Gajic-Fisic said in her presentation. Fraud should be aware of what other parts of the company—especially marketing—are planning (e.g., sales, promotions, cutoff dates for guaranteed delivery, etc.). All these will affect how the fraud department understands what it is seeing.
Operational considerations are also a major part of Gajic-Fisic’s holiday planning. Understanding baseline KPIs and KRIs from the entire year are key to being able to spot anomalies and therefore being able to identify and mitigate the fraud that happens during this exceptional time.
Also importantly, meeting directly after the holidays to review the plan you put in place is vital. Understanding what went well, what didn’t and how you should do things differently will give you a head start on the next holiday season.
Gajic-Fisic’s presentation is available on demand, in its entirety, at the CNP Virtual Summit website. Click on the “Login or Register” button to access the session. Those who have already registered for the summit can simply use their log in to see the presentation. Those who did not register for the summit previously can do so now to see this, or any of the summit sessions.