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

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Things change all the time in the fraudster underground, and it's worth staying abreast of what's current there. New techniques, new approaches, new groups of fraudsters joining together for theft — all of these can impact your business and the ways the criminals attack it. Similarly, customer buying trends and behavior patterns change all the time as well, and you'll want your antifraud efforts to be able to handle those changes. Make sure that you or your solution provider are paying attention to and researching these developments that can affect your business.

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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