How to use this Request For Proposal template
The decision to purchase a new or replacement fraud detection system is a difficult one. There are many factors to consider and the issue is not made any easier when there is a seismic shift in the technology landscape which is the case with fraud prevention. That shift is the emergence of machine learning as an approach to solving the fraud problem for online businesses.
For the non-expert though it can be difficult to know which questions to ask. What makes one vendor’s approach better than others and how do you determine which vendors capabilities are better than others?
To help we have written an RFP document that will help you make that determination. We acknowledge that we are biased of course - we’re strong believers in the abilities of this technology to reduce online fraud levels down to a level that is acceptable for your business. But that bias also means we want prospects to ask informed and meaningful questions of their machine learning fraud detection vendor.
We have chosen questions that we think will provide fair and balanced insight into the technical and functional choices of the vendors with which you have selected to engage. In any case, the spreadsheet is completely editable, so if there are questions you don’t like or sections you think are missing simply remove or add them. Please get in touch if you have any feedback.