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

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Fraud Prevention Impacts Sales

Fraud is such a concern for many businesses that it can come to be viewed out of proportion. It's true that each dollar lost to fraud costs the business more than double that, and that this can have a significant impact on a company's bottom line, but losing out on good sales to genuine customers because of fraud prevention that annoys or rejects them by mistake can cost a business even more. The Annual Fraud Benchmark Report found that 70 percent of businesses think that up to 10 percent of the orders they reject are really good ones. That's a lot of money to say no to. Make sure your system isn't set up to be risk averse - you want accuracy, instead. Frequently re-evaluate (or make sure your solution provider is re-evaluating) how it's set up to make sure it's reflecting current customer trends and you're not turning business away.

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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