If your business accepts any form of online payments, you are at risk for fraud. The amount of risk involved depends on the size of your company and the types of products you sell, but every business is taking on a certain level of risk when they choose to accept online payments. The 2020 AFP Payments Fraud and Control Survey found that 81 percent of organizations were targets of payments fraud in 2019.
In today’s market, businesses need an e-commerce fraud protection solution to prevent revenue loss. Keep reading to learn how to enhance your business' defense system.
It's no secret that the payment industry is shifting toward digital, card-not-present (CNP) payment avenues. In 2020, there’s been a surge in online sales involving CNP transactions.
Experts predict that PCs will remain a primary source of e-commerce. More payments via smartphones, voice assistants, vehicles, and wearable technology is also expected.
Payment fraud describes all types of illegal or false transactions perpetrated by cybercriminals. This robs the victim of personal property, sensitive information, money, and personal interests.
Criminals achieve this theft in three primary ways.
As companies increase access security, they also risk higher incidents of false denials. This means legitimate customers are denied access because they're falsely flagged as a risk.
This results in more complicated account access and transaction processing. Today’s consumers have many choices. If the checkout procedure on your website is too complex, it's likely that potential customers will leave to find an acceptable alternative.
Significant rises in fraud attacks are causing steep losses for medium to enterprise-level companies. Additionally, fraud attacks are starting to increase even among small online businesses as well. A big concern is the rising average number of fraud attempts that are successful.
While online shopping has surged since the COVID-19 pandemic struck in early-2020, the risk of payment fraud has also increased. As consumers avoid physical contact, hackers have ramped up identity theft. They use the stolen information to set up fake accounts and account takeovers. This means that businesses “sell” their product or service, but then don’t receive payment.
Many businesses are purchasing fraud protection platforms to protect their revenue. If you're worried about the cost/benefit of paying for these services, check out our fraud savings calculator. This can help you make an informed decision.
Staying on top of the latest fraud risks is time-consuming and difficult. The systems you used yesterday may become obsolete by tomorrow. Purchasing a fraud protection solution for your business will allow you to focus all of your time and energy on growing your business.
When shopping for the best platform, there are several key features to look for. These include:
The ultimate goal is to stop criminals while accepting and serving real customers. This helps to protect your return on investment. It also reduces your fear of fraud and gives you peace of mind.
In 2021, the need for e-commerce fraud protection has risen exponentially. Partnering with Vesta will increase approvals for your business while also protecting you from the threat of payment fraud.
Vesta is a global fintech pioneer in payment protection and account fraud. Our approval technologies optimize revenue by completely eliminating the fear of fraud. Our customers report a 20 percent average increase in revenue and 95 percent client approval rates.
Contact us today and take advantage of our 100% chargeback guarantee.