Borderless World of Shopping on Internet Expecting Growth of 50 Percent. Online Fraud also Expecting Growth.
JoTo PR Client, Payscout, was featured in an article in In Business Magazine entitled E-Fraud Risk in Global Retail.
E-commerce merchants who are not looking beyond the domestic market are missing a tremendous opportunity. Consumers are looking for the best deals and products online — regardless of where in the world that search takes them. However, cross-border e-merchants experience fraud costs 22 percent higher than the average multi-channel merchant.
U.S. retailers lost $32 billion to fraud in 2014 — a 39-percent increase from 2013 — and international e-commerce merchants have the highest fraud costs as a percentage of annual revenues. Their costs are 85 percent higher than international merchants that operate physical stores only.
As international e-merchants contend with several types of fraud — losses are attributed to friendly fraud (30 percent), lost or stolen merchandise (30 percent) identity theft (22 percent) and fraudulent requests for return/refund (17 percent) — retailers must address fraud on multiple fronts and use layered solutions. Multi-layered fraud solutions can reduce false positives by roughly 13 percent and cut the average monthly number of successful fraud attempts by more than 50 percent.
“The most successful merchants in online marketplaces are those with a robust, secure and flexible payment infrastructure, as well as a relationship with a processor that is well-versed in guiding companies through every country’s cross-border policies and requirements,” said Cleveland Brown, CEO of Payscout, a global payment processing provider. “Effective fraud management is every bit as important to a Web-based business’s success as transaction and payment processing.”
“Payscout is a global payment processing provider covering six continents by connecting merchants and consumers via credit, debit, ATM and alternative payment networks. What differentiates Payscout is its mission “to support the entrepreneurial dream one transaction at a time.” Payscout achieves this by being a thought leader in the payments industry. Its “Go Global Now” technology platform gives merchants instant access to 100+ countries, billions of consumers and trillions of dollars. Payscout offers payment processing solutions”
IN Business Magazine is a monthly magazine that focuses on the Greater Phoenix area’s businesses and industries. Their goal is to help business leaders network, educate and provide information to each other.
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