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Post-Webinar Highlights from Covery

Post-Webinar Highlights from Covery

We are glad to announce that the “Fending off the Fraud” webinar from Covery was a success. We had 190 registrations, 62 of whom attended the webinar and learned the latest anti-fraud protection and chargeback prevention insights from Covery experts, Alexandr Khelemskiy and Lyudmila Sakovich.

All the registered participants will receive the presentational materials from the webinar within the next week. We have also prepared a special offer for them: a FREE month of Covery usage when buying a yearly subscription within the next month.

Alexandr told the story of John, an average customer who decides to open a new banking account in 2021 — and showcased the risk management processes that run under the hood during the registration and daily use of such an account. He covered the basics of Know Your Customer (KYC), Anti-Money Laundering (AML), customer identity and chargeback prevention checks every business has to run if it wants to secure its bottom line and protect its revenue streams from fraudsters.

The audience asked lots of questions regarding the specifics of risk management with Covery. For example, people asked how Covery ensures PEP/sanctions checklists being up-to-date. Alexander explained that the latest version of the Dow Jones global watchlists database is downloaded to Covery servers daily, allowing the real-time KYC/AML checks via API in under 300 milliseconds. 

Another participant wanted to know how device fingerprinting actually works. Alexander explained that JavaScript is uploaded to the customer’s website or landing page and collects all publicly available information about the end-user devices – software and hardware versions, ID, plug-ins, add-ons, etc. This helps to build unique device profiles for every customer and preventing account takeover and fraud attepts.

The second part of the webinar was dedicated to addressing the most common concerns businesses have when selecting the risk management platform. Should one go for a purpose-built on-prem or SaaS solution — or build their own tool from scratch? Why SaaS products are generally a better choice and how to address the challenges they pose? How to integrate them with the existing toolkit and how to configure a tool like Covery to get the most value out of it?

Lyudmila answered all these questions and provided a concise and well-structured overview of best practices when selecting a risk management platform.

One of the questions to her demanded an explanation of how can a business without any risk management expertise use Covery to handle chargebacks and fraud.

Lyudmila explained that Covery comes with 15 pre-configured risk logic scenarios that cover most real-life use cases for more than 23 industries the platform currently works with. There also is a streamlined risk logic rule constructor and a sandbox to test the rule engine before applying it live in production. This allows even the businesses that do not employ full-time risk analysts to configure and efficiently use all Covery features. 

Besides, Lyudmila added that Covery can provide a dedicated risk analyst to help the business learn the ropes of the platform and configure it the way the company needs it.

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