Combat E-Commerce Fraud, Keep Up with the Latest Tech

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The Customer Comes First

As Gartner noted in the April 2016 report How Card Acceptors Can Protect Against the New Wave of Card Fraud, "Web commerce has shifted the role of fraud detection from the arcane back office loss prevention department to being front and center in the customer experience." Fraud prevention happens right at the crucial moment of check out - so you want to make sure that it is protecting your business without intruding into the customer experience. That's something many businesses forget about when they're concentrating on stopping fraud — so remember that preventing loss shouldn't get in your customers' way. Try to avoid calling and demanding extra information from customers and make sure that fraud prevention needs aren't adding delay to the checkout, order confirmation or fulfillment processes. Fraud prevention should be invisible to customers.

Whether you sell goods online, via mobile or by phone, you'll likely have noticed an uptick in fraud attempts recently. In fact, the Global Fraud Attack Index™ found that in 2015, online fraud attacks rose by 215 percent — an astonishing amount. Fraudsters are also getting cleverer about how they attack, using technology to speed things up. The same study found that more than 80 percent of U.S. fraud attempts used botnets. In response, retailers are turning to a new generation of faster, smarter fraud prevention solutions.

The rise in fraud was anticipated by industry experts, who noted that EMV (microchip cards) adoption in other countries had helped stop card-present fraud, but also led to significant CNP fraud increases. Fraudsters don't give up just because one kind of fraud has become harder — they just shift to another channel.

At the same time, customer expectations are higher than ever. So the challenge for online retailers is to combine effective fraud prevention that protects their bottom line with great customer experience and high approvals, to increase sales. In this slideshow, Bill Zielke, CMO of Forter, explains some of the key things that e-commerce merchants should be thinking about to achieve the best of both worlds.

 

Related Topics : SharePoint, Web Video and Voice Conferencing, UK, MySpace, Intranets

 
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