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

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Make Sure You Are Mobile Optimized

Mobile commerce, which got off to a slow start, seems to be coming into its own this year, with many customers researching and purchasing products online — sometimes even from within a store, if they can get a discount that way. Retailers have learned the necessity of a mobile-friendly site, and many even promote their own apps, but few realize that it's equally important to make sure fraud prevention is also adapted for mobile use. Only 52 percent of merchants track mobile fraud separately, even though both fraudster techniques and customer behavior are different on the mobile channel. This will likely lead to fraudulent orders slipping through, and good orders being blocked — outcomes no retailer wants.

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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