Geolocation and Address Verification can Assist in Inspecting for Fraud Risks
JoTo PR client, Chargebacks911, wrote a bylined article in Retail IT Insights titled, What Retailers Can Do About the Rise Of Phishing And Other Fraud Tactics.
By this point, it’s no secret that fraud is a serious concern for e-commerce retailers. Online criminals managed to steal roughly $16 billion from consumers in 2016. Of course, when you consider the ancillary costs of fraud—the false declines, margin compression, risks to merchant sustainability, and more—the real cost is much higher. According to research by Kaspersky Lab, the number of phishing attempts more than doubled between 2017 and 2018, rising from 236 million to 482.5 million. 18.32 percent of consumers—nearly one in five—say they experienced a phishing attack last year.
There’s nothing merchants can do about phishing, identity theft, or other threats directly. After all, they can’t monitor customers’ behavior online and stop them from falling victim to criminal scams. However, there are ways to intercept fraud attacks utilizing these methods and prevent fraudsters from completing transactions. You can’t always rely on just one tool to make an informed decision about transactions, though. Analyzing fraud risk should account for multiple considerations and be based on multiple indicators. This can include: geolocation, transaction velocity, shipping address, CVV verification, address verification and 3-D secure.
Chargebacks911 empowers businesses to combat constantly evolving fraud tactics and mounting customer disputes that directly threaten profitability. Operating as The Chargeback Company in Europe, Chargebacks911 has pioneered effective, industry-leading solutions designed to reduce chargeback fraud, alleviate processing costs, mitigate risk and recover revenues. The company’s unparalleled expertise and proprietary technology have earned three consecutive CNP Customer Choice Awards for Best Chargeback Management Solution, three successive AI Lions’ Den Awards for Best Airline Industry Solution, and Gold and Silver Stevie Awards from the American Business Awards (ABA). Discover why Chargebacks911 is a hero to the payments industry, nemesis of fraudsters and trusted protector of over 2.4 billion transactions per year, representing clients worldwide—visit https://www.chargebacks911.com.
Retail IT Insights focuses on the business benefits of technology in the form of features, case studies, industry trend updates and opinion columns for all retail markets.
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