The sale of a product can make or break a company's value. If the goods and services offered by a company are liked by consumers, the value of the brand increases. Likewise, an unsatisfactory product can destroy a company's good name. A company strives to fulfill its customers' needs by giving them the best possible choices. This can increase sales, reputation and brand recognition, and in the long run can bring huge benefits. However, it can also make the goods and services vulnerable to the risk of fraud.
Fraud is a deception that can destroy a company's reputation. When a company's products reach customers on a global level, fake or hoax products can often be found to resemble the genuine counterparts. These products are sold at a much lower price. The primary victims are the customers, and the end victims are the companies who fall prey to such fraudulent activities.
With regard to legal jurisdiction, fraud is both a crime and a civil law violation. The e-commerce market encounters many fraudulent activities and schemes. It is advisable to prevent this fraud because it can ultimately ruin a company.
There are anti-fraudsolutions to keep knock-offs under constant surveillance. These solutions can save a company from falling prey to fraud and counterfeiting. A typical anti-fraud solution should employ the following strategies:
An anti fraudsolution identifies suspects and puts them on a check list.
Anti-fraud software should be smart enough to prioritize suspects based on customer criteria, such as volume of sales, number of products manufactured and percentage of discount.
The anti-fraudsolution should be robust enough to map all the products of its client.
After a thorough mapping, the next strategy is to monitor all the activities associated with distribution and sales in the market.
Once the targets are identified, the solution should also plan to prevent fraudulent and counterfeiting activities.
Thus, a comprehensive anti-fraud strategy will help a company prevent fraud from destroying its reputation. Globalization improves sales for a company, but also increases the chances of fraud and counterfeiting. What every company needs is a smart and dedicated service dealing in anti-fraud strategies.