Strengthening Your Fraud Defense: The IPS Advantage

Eddie Farrell | November 14, 2023

One of the key advantages of partnering with IPS is our deep fraud defense knowledgebase and unmatched expertise in fraud prevention.

With two decades of experience in the field, we’ve honed our ability to understand and adapt to the unique needs of our clients. Even if you opt for an all-in-one fraud platform, our team can help quickly deploy and configure the system to align with your specific requirements. This rapid deployment minimizes downtime and maximizes the effectiveness of your fraud defense strategy.

Cost Savings

Hiring full-time employees (FTEs) for fraud prevention can be costly and may not be the most efficient solution for every business. IPS offers a cost-effective alternative. By working with us, you benefit from our expertise without the long-term commitment and expenses associated with hiring and retaining in-house staff. We can seamlessly integrate into your team when needed, providing the right level of support without the overhead of permanent employees.

Fast Startup for Novice Companies

For businesses new to the world of fraud defense, IPS provides a valuable shortcut to success. Our vast knowledge and experience mean you can hit the ground running. We offer guidance on industry best practices and proven strategies, ensuring a fast and efficient startup process. IPS’ expertise covers a wide range of areas, from helping to develop first-party fraud tooling from scratch to working with out-of-the-box fraud software suites and multiple CRM systems.

Extensive Technology Experience

IPS’ exposure to fraud prevention industry tooling and software is another significant advantage. We have hands-on experience with various technology providers and tools, such as LexisNexis, Pipl, AVS systems, White Pages Pro, phone lookup tools, and geoIP location tools. This extensive knowledge allows us to recommend and integrate the most effective tools into your fraud platform, creating a powerful and customized fraud defense system.

Fine-Tuning Machine Learning Models

Fraud prevention is a dynamic field and today machine learning models are more common than ever in this industry. IPS can work closely with your data engineers to fine-tune these models for optimal performance. We can help train models with manual review and proactive investigations and we can review errors and help course correct a model in the wake of missed fraud.

Building First-Party Fraud Mitigation Software

In addition to leveraging existing tools, IPS has extensive experience in helping to build first-party device telemetry and fraud tooling software. If this approach is an option for your business, we can thoroughly test and help prevent pitfalls in design. We’ve spent years troubleshooting, bug reporting, and building feature requests for our clients’ tech teams. If you want a robust backend with high customization and a user-friendly UI for your analysts – we can help. 

Choosing an all-in-one fraud platform like CyberSource, Kount, or Sift is a smart step towards enhancing your fraud defense strategy. However, it’s the partnership with a trusted fraud consultant like IPS that can truly maximize the potential of these platforms. With two decades of experience, a broad network of technology partnerships, and a deep understanding of the fraud prevention landscape, IPS offers unparalleled expertise and support.

Whether you’re new to fraud defense or seeking to optimize your existing system, IPS is your strategic partner for safeguarding your business against fraud losses while saving costs and accelerating your path to success.

In the next part of this series, Comprehensive Risk Assessment, we’ll describe multiple divisions and pieces that form a robust fraud solution that are often not considered by a new (or even sometimes an established) business. We’ll talk about not only fraud defense, but customer retention, data security, data protection regulations and more. When you look at all that goes into building out this wing of your business, you’ll see that the trusted partnership of a consultant like IPS can save you from future inefficiencies, pitfalls and disadvantages.

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Eddie Farrell

Eddie Farrell has been one of the Fraud Team Leaders for over 7 years. He enjoys inspiring his team members to rise above the status quo, he loves collaboration and creativity in problem solving, and he’s always willing to have a conversation about video games, board games or why he didn’t think the last season of Game of Thrones was all that bad. He enjoys physical fitness, carpentry projects and has a 9 year old Norwegian Elkhound that barks more than any other dog on planet Earth.