Businesses constantly seek and deploy smarter and faster solutions to stay abreast of market trends, and ERP systems are an assured means of achieving better performance. Businesses leverage ERP digital transformation to track their operations in real time when automation is part of the equation.
Reduction in operational costs and a surge in optimized customer experience are not the only two reasons businesses opt for ERP systems; there are numerous other reasons to implement the solution. However, ERP systems have their own set of vulnerabilities. One pervasive threat to an ERP system is the increasing amount of online unethical and anonymous hacking. It results in data theft, account hijacking, and cyber-attacks.
Microsoft launched new features to the existing Dynamics 365 Fraud Protection as a protective measure to increase platform efficiency.
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Protect your firm with Dynamics 365 Fraud Protection
Cyber-attacks continue to see ongoing escalation and sophistication. A skilled hacker with a customer’s credit or debit card information can easily make false transactions and account takeovers. These are all too common and conspicuous.
A few basic examples of fraud are:
- Cancelling a massive order right after a shipment
- When a customer (often fraudulent) claims that their identity was stolen right after a transaction. This guarantees them a refund.
- Persons asking for a new product claiming they did not receive their order.
However, these are not the only ways hacking can take place. Here are more ways that frauds can take over customer information:
- Account hijack
- Maxing out free trials
- Product reviews that are not credible
- Warranty and refund fraud
- Reselling scams
- Program discounts through unethical means
Business revenues can take a massive blow when ERP systems are exposed to such threats. It can become quite challenging to determine the exact nature of fraud, which introduces time, money, and effort to fix it.
Microsoft Dynamics 365 Fraud Protection offers efficient ways for companies to track and analyze suspicious activities. Moreover, it is the perfect way to engage with online merchants through a cloud-based medium. D365 Fraud Protection uses AI and Machine learning integrated with Dynamics 365 commerce to protect the business from fraud. It is beneficial to merchants in the following ways:
- Reduction in fraud rates
- Increase in order acceptance rates
- Better customer experience
- Adaptive AI technology streamlines payment and account creation
- Built-in escalation support improves customer service
Key capabilities of Dynamics 365 Fraud Prevention
- Advanced account fraud detection: With the help of adaptive AI, protect your accounts through an algorithm that learns to detect the patterns of fraudulent activities.
- A fraud protection network: Be informed about a broad range of fraud activities that affect similar businesses through connected knowledge about entity behavior, security of confidential information, and shoppers’ privacy.
- Device fingerprinting: AI models can detect fraud patterns and identify device returns with the data collected through location attributes.
- Rules and policies: Customer delays and any order friction can be omitted with rules and policies that the customers can abide by.
- Bot protection: Protection from synthetic accounts and bots that try to gain account access with stolen credentials.
- Configure the engine to match requirements: Customers should be able to send customized payloads and configure real-time decision policies, which helps preserve their accounts through customized activities, scoreboards, and trends.
- Focus more on profitability: Managers can balance profits and fraud losses with the help of adaptive AI technology that traces patterns of fraudulent payments.
- Collaboration: Connect with businesses around the world and learn about fraudulent activities that they are exposed to in order to maintain customer privacy.
- Multiple data points: Enable ways for the AI model to detect patterns with device and location attributes. Intense learning techniques are used to track transaction fraud with numerous data points.
- Transaction acceptance: IT paves the way for customers to share transactional information with their banks, improving acceptance rates.
- Customer escalations: Detailed insight into the risks a customer is exposed to in each transaction can help enhance support.
- Machine learning to detect transaction anomalies: Helps store managers to identify anomalies and foresee fraud activities on returns and discounts.
- In-store leakage protection: Anomalous pattern detection helps prevent loss with the help of adaptive AI that analyzes returns and discounts.
- Report creation: Managers can take action with their updated Business Intelligence reports and insights related to the merchandise.
- Automation in discovery: Increase operational efficiency with reduced human intervention and identify business risks in advance.
Safeguard your business with DemandDynamics
Numerous Microsoft partners guarantee ERP protection for your system. However, it is vital to approach a provider that understands and values your business decisions and goals. DemandDynamics is a Microsoft partner with clients across numerous industries who seek ERP protection with Dynamics 365 Fraud Protection. With trained domain-savvy professionals, our team can solve client problems and apply the right prevention measures.
DemandDynamics provides on-demand services such as implementation, migration, integration, support, and maintenance. You can purchase any of these services through a pay-as-you-use model, which differs from traditional subscription models. Instead of a fixed, periodic subscription amount, you pay only for services used.
Talk to our experts over a quick phone call to get more information about fraud protection and details of our services.