Robust Anti-fraud Solutions To Help Combat Fraudsters

Globalization has provided enterprises the opportunity to expand their customer base

beyond geographical boundaries and technology has helpedconnect them through the Internet and other networks. However, the techno savvy environment having expanded the supply chain by providing customers and partners entry points into the networks has also brought in challenges in the form of counterfeiting, grey market sales and internet frauds. Organization thus needs to take adequate measures to protect their sales channels and products.

Though a number of enterprises have worked out solutions to prevent internet fraud, counterfeits and grey market sales poses serious threats to organizational profits and brand name. Grey markets sales refer to a well devised system of delivery of authentic goods into the existing markets or to new market areas.Organizations need a strong supply chain to counter attack these. Over the years organizations have made use of traditional systems to control grey market sales. However with the ever-changing market demands of the global customers and the changing global economy, organizations need to make use of the enterprise sales intelligence systems to control the influx of grey market.

A CNBC reports showcases that counterfeit products which amounts to nearly 7% of the goods sold worldwide has resulted from the ever-expanding e-commerce market. With Internet being the major source for electronic commerce, this has also provided counterfeiters and grey markets enough scope for frauds leading to a deteriorating profit markets. The key targets for counterfeiters range from consumer goods such as automobile parts, personal computers, watches and high fashion clothing to industrial goods like the pesticides, airline industry and pharmaceuticals.

Reports from researches conducted show cases losses for Levi jeans and Cartier watches at an estimate of 15 million dollars per year (Parish and Groskoph-Markley, 1979). French luxury goods industry on the other hand estimates losses of 30 million dollars annually (Walker. 1981) A robust anti-fraud solutions will help organizations protect their brand names, revenues and the also help customer retention.

Leading industry experts have designed and development SaaS based software that provides end-to-end anti-fraud solutions to help organizations detect fraudsters. With the help of advanced search technology, such solutions can also reach out to areas where a traditional system has difficult access, monitor the Internet regularly and prioritizes suspects. Further, anti-fraud solutions developed for the present day enterprises helps organizations to stop revenue and profit erosion as well as protect brand reputation thus providing customer better ROI.

Understanding the operation methodology of fradusters and counterfeiter's, organizations use human intelligence for data integrity assurance, make use of enhanced anti-counterfeiting software solution and regularly monitor the internet to pririotize suspects and prevent internet fraud. Further effective sales intelligence solutions, help organizations to reduce lost revenue and margins, increase distributor channel and provide potential source for new contacts.

by: Gladeyas

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