Written by Liz Parks for STORES Magazine

When e-commerce merchants try to manage their own fraud protection, they can invest substantial time and effort striving to make the right transaction decisions on their own. As they do, they risk significant losses from fraudulent orders or through “false positives” that mistakenly flag legitimate orders. According to the 2016 LexisNexis True Cost of Fraud Study, and average $2.40 per transaction is lost to online fraud. Although high-volume online retailers can use very sophisticated and expensive fraud protection programs, that has not historically been the case for lower volume online merchants with more limited financial resources.

Continue reading about how NoFraud automates the process for businesses, saving them time and money, here.

When Ezzie Schaffran, chief operating officer of Certified Watch Store, approached us last August, his site, CertifiedWatchStore.com, was using a hodgepodge of outside and in-house security measures to catch payment fraud.

Schaffran has a long history of fighting online payment fraud, having served as COO of jewelry e-retailer Ice.com. He considered a crop of vendors offering transaction insurance for CertifiedWatchStore.com, but says he found the fees, which ranged from 0.5% to 3% of the transaction value, higher than he thought practical. (more…)

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