Luxury jewelry retailer James Allen saw its fraud friction massively reduced both internally and for customers with approval rates improved by 1.5%.
The brand began working with Forter Decision as a Service Technology to help address some key fraud issues. The technology uses machine learning continually refined by human expertise to get instant approve/decline decisions for every transaction.
The issue for James Allen was that while it had a highly skilled team of fraud analysts to guard against fraudsters, but they were turning away good business and causing customer friction at checkout.
“It’s fraud prevention that equals growth, with higher approvals and seamless checkout,” said Eileen Thomas, Operations, Logistics and Risk Management for James Allen.
The goal for James Allen was to provide its customers with a frictionless customer experience that was free from fraud.
The tight fraud rules meant lower approvals and lost sales taking away from the overall customer experience. James Allen felt that friction was not appropriate for the customer experience associated with their brand.
They wanted to eliminate calls to customers to validate their identity and requests that customers provide further identifying information. They needed to leverage the high-tech possibilities of modern fraud prevention to block fraud without impacting their legitimate customers.
The fraud team used these real-time decisions as a superlative fraud detection tool, and were delighted with the accuracy and high approval rates the system provided.
The technology was also able to evaluate transactions from anywhere in the world on both a global and local level complementing the international profile of James Allen’s business and customers.
What James Allen wanted was faster communications for customers no concerns about backlog during busy periods and no more buyers irritated by, and even canceling because of the demands for more identifying information.
Even more crucial, was that customers are no longer bothered by calls for extra information. The fraud team knows they can rely on the accuracy of the Forter’s system, which pulls data from several sources and uses technology including behavioral analysis, cyber intelligence and elastic identity.
Fraud prevention has now become more scalable and the customer experience at checkout now matches and contributes to the high quality shopping experience the brand provides.