Survey Shows 100 Percent of E-Commerce Execs Using ThreatMetrix TrustDefender Cybercrime Protection Platform See Measurable Decrease in Fraud Rates and Chargebacks
Here they come — both the holidays and the cybercriminals who prey on consumers and retailers during the holidays.
According to the National Retail Federation, the 2014 holiday shopping season is expected to bring in $616.9 billion, representing approximately 19.2 percent of the retail industry’s total annual sales. And what could be more attractive to a cyberthief than a high volume of sales condensed into a very brief time period?
Ken Jochims, ThreatMetrix director of product marketing, observes
“It’s critical that online merchants have a comprehensive solution to decrease fraud without impacting the customer experience, especially with so many customers flooding to e-commerce sites on Black Friday, Cyber Monday and throughout the holiday season,” said Ken Jochims, director of product marketing at ThreatMetrix. “By stopping suspicious account access and transactions, businesses can reduce the number of chargebacks and manual reviews resulting from fraudulent transactions.”
TechValidate survey shows ThreatMetrix gets results
The survey conducted with TechValidate clearly demonstrates that every e-commerce company (100 percent) using the ThreatMetrix TrustDefender Cybercrime Protection Platform reported a decrease in chargebacks. Fifty percent of respondents noted a 40 to 60 percent decrease in chargebacks. Three out of four companies indicated their fraud rates decreased by more than 20 percent. And fully one quarter of respondents saw a 60 to 80 percent decrease in fraud rates. Additionally, 35 percent of customers surveyed experienced more than a 40 percent reduction in manual reviews.
“E-commerce companies cannot afford to sit back and wait for their business to be hit with increased holiday fraud and then deal with it after the fact,” said Jochims. “The costs of paying for fraud – whether it’s card not present, account takeover or fraudulent account creation – far exceed the costs of preventative solutions that can stop cybercriminals at the front gates. However, solutions that add additional authentication steps for users lead to lost sales due to shopping cart abandonment are less than ideal. Online retailers need to implement a solution that effectively stops fraudulent activity and flags suspicious activity for additional screening, all without changing the customer experience for trusted and returning users.”
No friction. No hassle for the customer
The survey also found that, while the ThreatMetrix TrustDefender Cybercrime Protection Platform dramatically improved its e-commerce customers’ fraud detection, 100 percent of respondents experienced no additional friction to their customer experience with almost 60 percent actually having improved their revenue from 5 to 25 percent.
E-commerce companies can’t be last-minute shoppers
Obviously e-commerce sites can’t wait till November or December to implement new security strategies. The time is now and ThreatMetrix has the solutions —ThreatMetrix’s TrustDefender Cybercrime Protection Platform is powered by the ThreatMetrix Global Trust Intelligence Network, which analyzes more than 850 million monthly transactions and combines device identification, threat assessments, identity and behavioral intelligence to accurately identify cybercriminals without creating friction for good users.
ThreatMetrix builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.
ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix® Global Trust Intelligence Network, which analyzes over 850 million monthly transactions and protects more than 210 million active user accounts across 3,000 customers and 15,000 websites.
The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.
For more information, visit www.threatmetrix.com or call 1-408-200-5755.