Must-Have Requirements to Look For in a Fraud Prevention Solution

Fraud and chargebacks have become an increasingly disruptive force for hotels that impact revenue streams, front desk operations, and customer relationships. In 2023 alone, the travel and hospitality industry dealt with an estimated $25 billion in chargebacks, with a 30% annual increase in chargebacks since 2019, making protection solutions more essential than ever. 

Here are some of must-have requirements we recommend considering when looking for a fraud and chargeback prevention solution to bolster your authorization process. 

1) Designed and Supported by Chargeback Experts

This may sound obvious, but it’s really the best place to start. If you want to use a best-in-breed solution that will reliably reduce fraud and chargebacks, you need to partner with experts who deeply understand prevention methods – not just tools and processes available to you but how to seamlessly integrate it what you’re already doing. At Sertifi, our advanced fraud tools are built by leading chargeback prevention provider, Kount, an Equifax company. Our combined expertise and technologies provide a proven solution over 16,000 unique hospitality locations trust to protect their bottom line. Take a look at how it works: 

2) Identifies Risk Factors Early and Comprehensively 

When selecting a fraud prevention solution, one of the most crucial features to look for is its ability to identify risky behavior as early as possible in as many ways as possible. Nowadays, it’s not enough to just do a CVC or AVS check. With over one hundred data points instantly analyzed by Kount’s artificial intelligence (machine learning) model, Sertifi’s authorization solution catches a range of risky behavior associated with a submitted card. Beyond the tech, by educating you and your team on how to catch and respond to risk factors, you’ll reduce the likelihood of accepting fraudulent credit cards and eventually having to manage disputes. 

3) Enhances Your Workflow with Greater Speed and Accuracy 

An effective solution should automate effort and make traditionally complex steps much easier, doing what no human could do alone. Faster than the time it takes to blink, Sertifi’s fraud tools evaluate the submitted card and share back a fraud analysis in an easy-to-digest report, empowering users to decide whether or not to proceed. 

Easy implementation is also crucial, as it ensures a smooth transition without disrupting your current operations. Most customers are up and running within an hour, and the Sertifi support team is always on deck to answer any questions and help you with your transition. 

4) Keeps Your Data Safe 

It’s no surprise data security should be a top priority when searching for a way to prevent fraud. Look for a solution that stores information in a secure manner and is PCI compliant to ensure your adherence to industry standards and ultimate cardholder information protection. By focusing on these security features, you can safeguard your data, maintain customer trust, and avoid potential financial and reputational damage associated with data breaches. When card data enters the Sertifi portal, it is tokenized and can only be unmasked by users with specific permissions, even then requiring two-factor authentication. Sertifi is also a validated PCI Compliance Level 1 service provider. 

5) Demonstrates a Positive Return On Investment 

The right solution should stand by its promise of saving you time and money. With Sertifi, customers see a decrease in chargebacks up to 86%, saving thousands annually. Instead of wasting time and revenue on disputes, it’s going toward an effective solution with extra spend to spare elsewhere.

“Since using Sertifi, our credibility with clients has certainly improved. Having a secure link that customers can use to share their information makes us and our customers feel safer about sharing and collecting credit card information. It is also a very easy, reliable tool and can only add to your business.” - Assistant General Manager, Moxy Munich Airport