As we began 2020, the new year brought with it an unexpected catalyst for an economic downturn, the COVID-19 pandemic. Since January, COVID-19’s impact on North America has expanded rapidly, leaving consumers and businesses racing to adapt to a new normal. Early indications are that application fraud is increasing threefold.
Amid increased risk of fraud losses during this downturn, learn how to deploy strategies to mitigate risk while banking with minimal friction in this 2020 perspective paper.
A study conducted in May 2022 by Aite-Novarica Group surveyed 207 large and midsized U.S. e-commerce firms. The research quantifies the impact of online transaction fraud prevention efforts and false declines for U.S. e-commerce and digital marketplace merchants. Download for a snapshot of the study along with key findings.
Aite-Novarica Group’s The E-Commerce Fraud Enigma: The Quest to Maximize Revenue While Minimizing Fraud Report found the average false decline rate is 1.16%. With over $960 billion in U.S. online sales in 2021, lost sales due to false declines total more than $11 billion, a substantial impact for merchants and their customers.
In our latest fraud infographic, we map out a consumer journey that ties together seamless recognition with fraud prevention so businesses can provide an enhanced customer experience while properly treating third-party, first-party, and synthetic identity fraud.
U.S.-based financial institutions have recently reported an increase in fraudulent activity across a range of accounts and lifecycle stages. Most notable are the trends in account takeover, demand deposit account and new account fraud, all of which are exploiting addressable weaknesses. What’s the best way to prevent these types of fraud? It starts with implementing the right tools.
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