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Posted March 18, 2015
Picture this: you head to your favourite restaurant for dinner – a place you visit often and are well known. After a delicious meal you try to pay the bill, only to be marched out to the cashpoint in the rain, as your credit cards have been rejected.
Loyal online shoppers are currently being subjected to this exact type of treatment. Every day, retailers turn away valuable business because their web fraud systems lack the intelligence to identify that they are genuine customers.
And even if they are accepted, many ecommerce regulars are turned off by burdensome second level authentication such as 3DSecure, and abandon their basket.
Current fraud management systems make it difficult to separate authentic customers from cybercriminals – and sometimes misidentify fraudsters as genuine shoppers.
To add to this challenge, many shoppers log on from multiple devices, and businesses fail to recognise high value ecommerce consumers when they log on from their mobile device. It’s costing the retail sector millions.
How can retailers simplify customer authentication without letting in criminals?
A new approach is needed to create a frictionless online customer experiences. Instead of pouring budget into manual checks to stop legitimate customers falling into fraud filters, retailers need to adopt a single platform that provides comprehensive context-based authentication and personal recognition.
By treating people like people, businesses can provide real-time defence to minimise credit card fraud and account takeover risks, while keeping the customer experience hassle-free and protecting their account login.
And this method has proven benefits – context aware authentication solutions halve fraud losses and reduce cart abandonment rates by 50%, as well as cutting ‘false positive’ results (where genuine customers are identified as cybercriminals) by 70%.
To reduce your fraud management burden and improve ecommerce customer service, visit our resource center and learn how etailers can increase sales conversions and create frictionless customer experiences.