Love is in the air, unfortunately, so is fraud. Fraudsters will be celebrating the Hallmark Holiday known as Valentine’s Day the way they know best, scamming. With the start of the new year, financial institutions are seeking to enhance their digital transformations, and they are not the only ones focused on new strategies and innovation. Cybercriminals continue to exploit weaknesses within anti-fraud platforms, such as prevention, analysis, and detection software.
The Federal Trade Commission indicated that in 2022, nearly 70,000 people reported a romance scam, resulting in $1.3 billion in losses, with a median loss of $4,400. Moreover, consumers are being advised to contact their financial institutions to report these scams or fraud cases, creating an influx in claims among the number of fraud and non-fraud cases that already exist. Discover why issuers are falling in love with ARIA®, our fraud management automated intelligence tool:
1. Seamless integration with existing dispute management software
ARIA® integrates with any fraud detection, fraud alerts, chargeback management, or merchant collaboration software. She is cloud-based and tech-agnostic, enabling issuers to implement her without altering their current dispute management platforms.
2. Configurable business rules
ARIA® can be white-labeled to uphold your company’s standards, providing personalization factors when used as a multi-tenant platform. She can be configured to fit your team’s requirements and your company’s standards.
ARIA® delivers consistent decisions to ensure a better customer experience for your account holders and features a fraud appetite risk assessment chart to ensure that she upholds company policies when investigating and resolving fraud and dispute cases.
3. Zero implementation fees
There are ZERO implementation fees to add ARIA® to your dispute resolution process. ARIA® can be used as much or as little as your team needs. Financial institutions looking to offer a fraud and disputes self-service portal can leverage a fraud management tool to manage the influx in claims from a self-service portal or to supplement a back-office investigation team while other areas of the business demand more time and resources.
4. Requires no tech resources or continued maintenance
ARIA® requires virtually no integration and is supported by our team of financial and technical experts at no additional cost. Quavo’s Experts consistently analyze ARIA’s model, evolving algorithms using factors like geovariance, declined velocity, trial merchants, and IP addresses to make better, more consistent decisions.