Ecommerce Fraud Prevention
Online retail transactions continue to set new year-over-year records. From ordering online and same-day pick-up to on-demand streaming, the pandemic has accelerated ecommerce to triple digit percentage growth, which is years in advance of previous predictions for both tangible and digital goods and services.
At the same time, this new reality and accelerated growth has also created one of the fastest-growing opportunities for bad actors and cybercriminals to perpetuate fraud, like account takeover, new account fraud, and synthetic identity fraud. This has led to retailers and consumers worldwide experiencing annual losses in the tens of billions of dollars each year.
As criminal tactics grow increasingly sophisticated, it’s more important than ever to incorporate anti-fraud tools into your transaction processes. Every dollar lost by a retailer to fraud is truly equal to $3.60 after total losses are calculated, which is something very few retailers can afford.