While the description sounds random, this data is actually quite useful. There are organizations studying the ever increasing incidents of online fraud, and they are coming up with incredibly useful information that can help online sellers better identify the likelihood that a transaction is fraudulent. Unless an eTailer is large enough to invest capital in employing their own digital fraud prevention staff, using a service is the best solution to make sure that customers, as well as sellers, are protected. Etail sellers need to weigh the benefits of each fraud prevention service carefully. The following are three key points to compare:
- Hands-on involvement: How hands on do you want to be? Is a customized solution necessary? Is automation available?
- Platform compatibility: Ensure the service selected functions in each platform that you do business.
- Support: Excellent customer service is essential. Make sure that there is someone available to get to know your business. A direct relationship helps the service provider get to know your business and anticipate its needs.
An important thing to remember is to ensure the security and fraud prevention service does not make your checkout process overly tedious. Long, complicated checkout processes increase the likelihood for cart abandonment. Take a look at InternetRetailer’s article “The front lines on online fraud in the U.S.”. It’s a comprehensive look at the state of online fraud in the US.
Sources:
Barbara Anderson
Marketing Coordinator