Powerful & Advanced Fraud Protection
FraudProtect™ from TEXT2DRIVE™ partnered with Kount, an award-winning company that uses the advanced fraud prevention approach, to offer your dealership a virtually complete defense against fraud. Kount was voted one of the top 10 financial fraud protection solutions of 2018 and 2019.
Advanced fraud protection examines 400+ data points and uses a rules-based approach, artificial intelligence and machine learning to provide a comprehensive, vigilant solution to even the most masterful fraud attempts.
Why is a powerful fraud solution so important to the auto industry?
Fraud Specialist Jaime Dickerson outlined the current fraud landscape that dealerships face and addressed the various solutions available during the TEXT2DRIVE FraudProtect™ webinar.
Credit card fraud is at an all-time high right now. The numbers are disturbing, to say the least:
- A hacking attack occurs every 39 seconds.
- In 2018 credit card fraud reached $6.8 billion in the US.
- New account fraud is up 13%.
- Account takeovers are up 79%.
If your customers are targeted, it is your auto dealership that will ultimately suffer the most. The financial consequences could easily devastate your dealership. The costs of fraud fallout include high chargeback fees, the loss of the original transaction and potentially becoming the target of lawsuits.
Know Your Fraud
There is not a single type of fraud you must defend your dealership from - there are three types of fraud.
1. Friendly Fraud
Contrary to its title, this type of fraud is not the least bit friendly. It occurs when family or friends use a customer’s credit card without their permission or when customers take advantage of loopholes in chargeback rules.
2. Clean Fraud
These tricky transactions present the appearance of being legitimate, but in fact, are made using a stolen credit card or credit card information.
3. Account Takeover
Cybercriminals commit this type of fraud by installing malware on a device to steal sensitive information for their own ill intent.
Finding An Effective Solution
There are a number of fraud solutions available, but not all of these solutions are created equal. It is critical to choose the complete approach and tools that will truly defend your dealership against all three types of fraud. After all, it doesn’t make sense to focus on one type and let the other two slip right on by.
Basic Fraud Filters
This is not a recommended approach because it does virtually nothing to stop cybercriminals from using credit card information they have obtained. It involves entering the credit card number, expiration date and CVV. You have likely followed this process many times.
3D Secure 2.0
A new approach to obtaining a secondary authentication for card-not-present transactions, 3D Secure 2.0 makes the process easier and faster by decreasing the need to answer challenge questions. However, there is not a 100% guarantee that your dealership will not receive a chargeback.
Fraudprotect keeps your transactions secure
Benefits of FraudProtect™ include:
- Automated authentication
- Secondary authentication is made without the need for a password or pin number
- Good transactions are approved and bad transactions are denied before the transaction is authorized on the cardholder’s account
TEXT2DRIVE incorporated multiple advanced fraud prevention methods into FraudProtect™ to ensure it is effective against would-be cybercriminals. Machine learning, rich intelligent data and artificial intelligence erect a rock-solid fortress to safeguard your dealership from the financial destruction of card-not-present transactions fraud.
Do not take chances when it comes to fraud. Get FraudProtect™ today and rest easy about the future of your dealership.
Stop Fraud In Its Tracks!
*TEXT2DRIVE DATA USAGE REPORT; DATE RANGE: MARCH 2019; NORM CRAWFORD. At the time of the webinar, there was no additional charge for Video Inspect. As of January 2020, there is a nominal fee for Video Inspect. See TEXT2DRIVE sales rep for details.