Fraud Prevention Solutions

Fraud Prevention Solutions

These days it’s easy for individuals to fall prey to scams, identity theft and various forms of fraud, and the same is also happening for businesses, when their information is falsely used by others to cheat or beat the system. It’s a sizable problem that’s quickly increasing, because of the widespread presence of businesses and governmental bodies on the internet. Whenever you’re handling with transactions or other dealings at a distance, the big question is: How do you prove that you really are who you say you are?

Identity theft and fraud cost consumers more than $16 billion and some 15.4 million buyers were victims of identity theft or fraud in 2016, according to a report from Javelin Strategy & Research. That’s up 16 percent from 2015, and the topmost figure recorded since the firm began tracking fraud instances in 2004.

With that in mind, Lotus’ provides solutions that help our clients:

  • Avoid fraud
  • Maintain compliance
  • Reduce costs and losses

Lotus offers a wide range of services to help prevent fraud and safeguard our customers and businesses. Our core services include:

Identity Verification

Lotus offers flexible and real-time solutions for verifying the identity of consumers in the U.S. and Canada. Our online tool allows clients to authenticate consumers through identity documents, substantiating consumer data verification, or a combination and consolidation of the two methods. The idea is to work with your business type, evaluate the challenges and deploy, as well as redistribute the right system solutions in place.

Age Verification

Age-restricted products like tobacco, vaping products, wine and spirits have complex and ever-changing compliance requirements for sales and marketing. Lotus can help make the process of complying with these requirements simple and doable.

Phone Verification

Lotus’ tools for phone verification allows businesses to verify ownership of consumer mobile, landline and VoIP phone numbers. Consumers can be authenticated with a six-digit code, sent via SMS or programmatic voice.

Watch-List Screening

Lotus provides flexible regulatory compliance through identity proofing, watch-list screening and custom watch-list management. These capabilities are available as integrated features within our carefully designed solutions, or as a standalone product.

Managed and Intelligent Fraud Prevention Services

Our fraud prevention and managed services are offered year-round, 24 hours a day, for true peace of mind. The Lotus team is constantly working on innovative solutions to combat fraud. We can already help in many ways:

  • Prioritize, review and resolve all possible fraud transactions.
  • Quickly cancel and refund unauthorized purchases.
  • Perform ongoing fraud analysis to determine new fraud rules for improving screenings.
  • Maintain the overall risk model in the risk management platform, as directed by the customer.
  • Develop comprehensive operations and trend reports.
  • Review chargeback transactions.
  • Leverage chargeback data to help update your internal negative database.

Our chargeback analysts are committed to improving operational efficiency, increasing revenue and providing a truly excellent customer experience. Our analysts work to:

  • Develop comprehensive operations and trend reports.
  • Review chargeback transactions.
  • Leverage chargeback data to help update your internal negative database.
  • Provide reporting to help improve and develop fraud strategy.
  • Help clarify chargeback requirements of your bank.
  • Provide comprehensive operational and performance reporting.

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