Your Online Store Is Immune to a Fraud? Really?
Editor’s Note: This post is provided exclusively for our blog by Don Bush, Vice President of Marketing at Kount. Don works with online retailers, industry analysts, consultants, law enforcement and trade associations to determine the latest threats to eCommerce businesses. Don has been a regular speaker on fraud topics at several industry events in the U.S. and Europe.
Fraud is a nasty issue that most eCommerce business owners and managers don’t like to talk about. They see the detection and management of fraud as a cost center, a necessary evil the company has to deal with. While this attitude is pretty common, it couldn’t be more wrong.
According to a recent online business survey, the average order rejection rate due to the suspicion of fraud is 2.8% in the U.S. and 7.8% internationally. If your company is near the average, this means you spend valuable time, money and resources to drive traffic to your site, convert lookers into buyers and still end up rejecting a significant number of orders, because they look suspicious.
I will help you as much as I can by revealing types of online fraud to be aware of and a few ways to minimize fraud losses.