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

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Revving Up for Real-time

Limiting or banishing manual reviews will also help online retailers shift toward meeting customer expectations, in today's real-time reality. This is particularly relevant for digital goods merchants, of course, but it's important for physical goods retailers not to underestimate the importance to today's consumer of real-time service. With a cell phone in every pocket, and each phone possessing more computing power than the machines that sent men to the moon, it's no surprise that customers are impatient of delays that may cause them to give up or cancel orders.

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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