As a payment service provider, you offer individuals and businesses a valuable resource that allows them to complete financial transactions without exposing their sensitive financial data. As an intermediary between people across the world, though, your platform is a potential target for fraud. The best way to overcome this fraud is by using cold, hard data to ensure everyone is playing fair. To improve data tracking for your business, here are a few tools that you can use.
Get the Right Data
Good data tracking starts from the moment that someone signs up for your service. Knowing the right questions to ask to help get a robust customer profile can help give you the information you need to fight fraud and ensure that you can track their activity online. Once you have the necessary data, it’s important to carefully catalog the data so that you can use it to improve your service offerings.
People may give different names or different spellings, such as hyphenated names or shortened versions of their name. Making sure you have a way to resolve these situations will eliminate duplicate files or accounts that reference the same individual.
Manually Scan Unusual Data
If you are receiving information from individuals around the world, it’s likely that many of them will not be native English speakers. Therefore, you may receive data that doesn’t make sense to your data-tracking programs. To ensure the data fits correctly, it’s a good idea to manually scan unusual data to see if the discrepancy might be caused by a non-native speaker trying to answer questions in English.
Typically, a human will be able to quickly pick up on these problems and correct them before the discrepancies cause issues with the database. Your software might be great with data, but when the data is incorrect, manual scans can spot the issue in ways a program can’t.
Keep It Organized
As mentioned, there may be some individuals who are using your payments service as a means to commit fraud. To help prevent this, it’s important to utilize identity resolution software to make it easier to search for aliases, partial name matches, and other common schemes used by fraudsters. This will ensure that you can respond quickly to any threats so that you can keep your overall costs low.
Information on individuals at risk of committing fraud is stored in databases, but that information can’t be utilized without a way to index and search the names. Identity resolution is how big companies can find risks quickly.
For small payment service providers, collaboration is a great way to pool resources to ensure that your data tracking is at the level it needs to be. The main way that collaboration can help you is by sharing data on known threats so that each collaborator can easily make changes to protect their data and provide better service for their customers. Don’t let pride get in the way of making use of helpful resources from other businesses.
Utilize every tool at your disposal, especially when it comes to stopping fraud.
Data Is Everything
In terms of importance, data is everything to a payment service provider. Therefore, it’s important to do all that you can to protect, organize, and effectively utilize your data to help your business grow. Data tracking, unlike other areas, is not an area where you want to cut costs.