A recent Worldpay study1 reports that 79% of online merchants believe that the growth of omnichannel leaves e-commerce open to fraud - but how can e-tailers rise to this challenge and protect their businesses and their consumers?
Worldpay’s Fragmentation of Fraud report reveals that 50% of the e-commerce businesses surveyed find it ‘difficult to keep up with fraud trends’, while only 20% are ‘very confident about their ability to manage new fraud threats’.
Three factors of omnichannel growth are seen as particularly challenging in terms of fraud prevention:
These key issues are exacerbated by other barriers to an effective fraud management strategy, such as a lack of dedicated omnichannel fraud prevention and a lack of time and resources.
‘On average merchants can reject up to 2.6% of transactions because of fraud’ - Retail Times2
But with e-commerce fraud estimated at £110 million in the UK alone in the first half of 20143, what steps can e-commerce businesses take to protect themselves against fraud?
While fraud can be very challenging in an omnichannel landscape, taking some careful precautions can help protect your business and improve your customers’ experience.
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1 Fragmentation of Fraud - Worldpay
2 Online merchants struggling to cope with the “fragmentation of fraud”, reports Worldpay - Retail Times
3 The UK Cards Association
4 Driving eCommerce Success - Cybersource
5 Web Fraud Prevention, Online Security & Digital Identity Market Guide 2014/2015 - Paypers