Fraud is like gluten. It’s in almost everything, and it often goes completely unnoticed. Most organizations have resigned themselves to the fact that, despite their defenses, fraud is just a part of doing business. But fraud costs an average of 7.5 percent of revenue, and the numbers for e-tailers — who never handle a physical payment card — are much higher. There’s got to be a better way.
Tom Byrnes, chief marketing officer at Vesta Corporation, has a simple answer, but many CFOs won’t like it: Don’t try this at home.