A Comprehensive Approach to Combating Fraud

By Rob Eberly, VP, Paymentus

There are few things more damaging to an organization than fraud, and one of the most challenging aspects of fraud mitigation is that it can take on my different shapes and sizes to mask its appearance. With everything from economic viability to customer loyalty at stake, billing organizations can take no chances when it comes to the security offered by their billing and payment solution providers.

Given the potential for negative impact to your organization, fraud mitigation must be a part of a comprehensive standard payment solution – not an ancillary add-on that is offered for an additional fee. This shouldn’t be a budgetary or cost-based discussion. Robust fraud prevention is more critical than ever and having it as a standard offering within your payment strategy needs to be at the core of the service you’re receiving.

Addressing Billing & Payment Fraud Fees

In a recent Bill Better® article, we exposed the fact that some billing and payment solution providers actually charge for communications (e.g., payment reminders, bill ready notifications, etc.). While justifying these fees positions these communications as added capabilities, there is no justification for added costs when it comes to something as essential as security.

There are several reasons a billing and payment solution provider may try and justify the need to charge incremental fees to generate an additional revenue stream for their company:

Ultimately, none of these reasons are justified for the simple fact that billing organizations can address each of these needs in a best-in-class solution that charges no additional fraud management fees.

The Fraud Case for a Holistic Billing & Payment Solution

The ideal billing and payment setup is one built from a single code source, offered through a single integration, that delivers a multi-faceted solution backed by comprehensive fraud prevention.

Working with an electronic bill presentment and payment (EBPP) platform provider that can deliver a comprehensive and inclusive solution should be the priority of every billing organization. And by comprehensive and inclusive, we mean a solution that:

In this scenario, organizations get the payment methods and channels that customers expect, all protected by a fraud management solution that is designed specifically to protect the entire platform. There are no gaps, outside vendors or one-off integrations. Instead, it’s a platform architected to work together as a unified whole.

Maximum Benefits With Minimum IT Investment

Not all fraud is created equal or channel specific. While some fraud types can be highly sophisticated, others are simply nothing more than a fraudster inputting stolen card numbers until he finds one that works.

But the one thing we know in the neverending fight against fraud is that it will always evolve. Deploying a configurable solution that meets your organization’s needs gives you the power to future proof your platform without breaking the budget investing in new IT solutions. This wholly unified approach is essential in getting more from your solution without paying more for your solution.

For more information on how Paymentus can secure your entire billing and payment ecosystem, let’s talk! A Paymentus billing and payment security expert can answer your questions and showcase how our solution delivers end-to-end fraud management as a standard part of our offering.