1. "Corruption, embezzlement,
fraud, these are all
characteristics which exist
everywhere. It is regrettably the
way human nature functions,
whether we like it or not. What
successful economies do is keep
it to a minimum."
- Alan Greenspan
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How to Prevent Revenue Loss by Responding to Fraud Concerns
in Critical Time-Sensitive SituationsHow to Prevent Revenue Loss by Responding to Client Fraud Concerns in a Critical Time-Sensitive Situation
Fraud and security are huge concerns in any
e-commerce environment. Even if there are
no direct security concerns with the product
or service being provided, the use of stolen
credit cards can cause enormous problems
resulting in millions in lost revenue due to cancelled transaction and chargebacks,
not to mention the resource burden in investigating reported incidences and loss of
client and consumer confidence.
Beat short deadline and enabled NBA client to allow playoff
ticket sales on secondary market with significant reduction of
credit card fraud risk by selecting and leading development of
interface with 3rd party security solution.
Situation
This was a challenge when one client began to have fraud concerns with their
secondary market. While there were no specific security issues in the product, fraud
was occurring with the use of stolen credit cards, causing loss of client revenue. At
the midpoint of the season, due to the high dollar amount associated with playoff
tickets the client was considering shutting down the product for the playoffs.
Solution
Once the client shared their concerns, we immediately investigated for a solution
that not only could be implemented within a matter of a few months, but could also
be used as a long term solution to make available to all clients. After consulting with
the client, we came up with a game plan to implement additional security tools to
utilize the product with significantly reduced risk during the playoffs. My team was
tasked with all aspects of this project, and after consulting with other clients and
with other internal departments that had addressed similar concerns, we quickly
implemented a combination of product enhancement and third party interface
solution that would significantly reduce credit card fraud risks in the product.
Result
After the enhancements and interface were completed, all with enough time to
implement prior to going live with playoff ticket sales, the client was satisfied with
the alleviation of risk and was comfortable with proceeding with the resale of tickets
for the playoffs. This saved the client hundreds of thousands of dollars and saved the
company tens of thousands of dollars in transactional revenue while increasing
client confidence and providing a stronger, more secure product going forward.
Tom DeStasio,
Director of
Product
Development
strategy ♦ innovation ♦ execution | Tom DeStasio | (949) 892-3638 | tomdestasio@gmail.com | www.linkedin.com/in/tomdestasio
0
100000
200000
300000
Potential Actual
Revenue Loss
Client
Company
Listen to and
understand clent
concerns
Assess potential
internal/external
solutions
Choose best
solution for rapid
implementation
Execute rapidly
to assure
confidence