The ‘2016 American Express Digital Payments Security Survey’ reveals that 70% of merchants in the U.S. have seen sales conducted via digital channels rise in recent times.
However, the report reveals that sales could be much higher if it wasn’t for payment fraud. Overall, nearly half (48%) of online shoppers who have made a purchase online in the past twelve months – or about 80 million consumers – have experienced payment fraud. (more…)
According to CyberSource’s 2016 Fraud Benchmark report, companies allot most of their fraud funds to the manual review process. Of those manually reviewed, 82% transactions are approved. Because of the high acceptance rate of manually reviewed orders, companies are tightening their screening process to decrease that number in hopes of cutting costs and accepting more legitimate orders in real-time. (more…)
In 2014, ecommerce fraud cost US retailers 32 billion dollars (LexisNexis true Cost of Fraud Study 2015). That amount soared 11% as fraudsters refocus their efforts on ecommerce enterprises since the implementation of EMV chip technology that makes brick and mortar store transactions more secure.
Unfortunately, as fraud prevention methods get more sophisticated, so do the fraudsters. As seasoned fraud prevention experts, NoFraud is at the forefront of battling fraud and would like to share the following tips to help you secure your ecommerce transactions.
