March 20, 2013 –
CyberSource, a Visa company (NYSE: V), today published its 2013 Online Fraud Report, a survey of 312 North American merchants, offering best practices for streamlining detection, prevention and management of online payment fraud.
According to eMarketer1, eCommerce sales in North America this year are projected to grow 12.2 percent over 2012. This represents an opportunity for online merchants to increase their overall business success in the upcoming year.
To address this opportunity, the report features tips to:
- Systemize and streamline the manual review process
The goal of a fraud management strategy is to accurately identify and accept good orders, while keeping the fraudsters out. The survey reveals that one in four eCommerce orders is reviewed manually. Merchants should review their Accept/Reject rules and work towards the objective of having their system handle most of the decisions based on the parameters set by the merchant, leaving only the most suspicious order for the review team to investigate. This provides a faster, more accurate and efficient screening of orders.
- Create an mCommerce strategy
eMarketer2 predicts mobile sales will account for 15 percent of all retail eCommerce in 2013. The survey shows that 40 percent merchants are taking a proactive approach in utilizing this channel for sales. In addition, nearly 30 percent of companies are beginning to track mobile commerce fraud.
- Establish a 360-degree view of the fraud management process
Achieving and sustaining an acceptable fraud level while maintaining a positive customer experience is an ultimate goal of every merchant. Once they establish a full view of the overall performance baseline, companies are in a good place to analyze and fine-tune their operations. In turn, by offering a seamless online commerce environment, merchants will increase revenues and customer retention.
For more results and to download the full report, please click here: 2013 Online Fraud Report.
1 Source: http://www.emarketer.com/Article/Ecommerce-Sales-Topped-1-Trillion-First-Time-2012/1009649
2 Source: http://www.emarketer.com/Article/Record-Retail-Sales-on-Smartphones-Tablets-Take-Greater-Ecommerce-Share/1009595
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