In the face of ever-changing fraud threats, keeping a positive customer experience and the fraud rate and expenses low is a delicate balance. Fraud can never be eliminated completely, but a shrewd fraud strategy with well-integrated operations will empower merchants to reach their business objectives in a sustainable and secure manner.
CyberSource launches the 2018 report for Australia, published in March 2018. Download the CyberSource Online Fraud Benchmark Report – 2018 Australia edition right here.
Stem profit leaks due to payment fraud at their source. To do this, it is key to understand that solely reducing the fraud rate does not sufficiently or automatically lead to higher sales and revenue.
Faster fraud detection and bigger profits start with data. Improving efficiency and effectiveness of fraud mitigation with data – in the area of volume of data, variety of data and the type of insights derived from data.
As the popularity of eCommerce grows, overcoming fraud is more than just staking it all on a perimeter behind which merchants look out for signs of fraud. The key is to go beyond the screen: to understand and appreciate that effective and profitable fraud management is not merely reflected in a fraud score, but requires a strategy composing of better fraud detection, more successful transactions, and less administrative costs.