As published in MultiChannelMerchant, by Monica Eaton-Cardone – 01/17/2020
According to a recent study by Kount, 42% of businesses who consider themselves “very digitally mature” were nonetheless held back from digital innovation by concerns over ecommerce payment fraud. The fear is understandable, given what’s at stake. However, despite constantly evolving threats facing the market, there are still opportunities to thrive without fraud skyrocketing.
The best approach is to take the time to develop a comprehensive, adaptable strategy. In my view, having a multilayered understanding of the problem is foundational. It will guide you in developing a strategy composed of complimentary pre- and post-transaction fraud prevention tools. As mentioned, this strategy should be adaptable and able to evolve alongside new threats.
You won’t be able to stop every fraud incident. New threats will inevitably catch you off-guard from time to time. However, adopting a dynamic, comprehensive strategy will set you up for success in the new decade.