Forbes – Doorstep Signatures Are So Old School, But Identity Risks Live On
If doorstep signatures are a thing of the past, that adds risk for eCommerce providers – they need more identity verification before items are shipped. COVID-19-related fraud includes phishing activities with stolen credentials released into the eCommerce payments chain, as well as friendly fraud which has soared to 60-80% of all merchant chargebacks. The article discusses the need for a solution to eradicate crippling chargebacks, especially since signing for packages may be a thing of the past.
Major and Ongoing Shifts in Online Transactions = Major Fraud, Says Jordan McKee of 451 Research
The surge in eCommerce as a result of COVID-19 means more payment card transactions and more card fraud, says Jordan McKee of 451 Research in a video interview with Information Security Media Group. The use case for contactless payments is changing even beyond new tactics such as Buy Online Pick UP in Store (BOPIS). As fraud surges in digital channels, companies already in fraud trouble are facing even greater challenges today.
CNBC – Although Frictionless, Payment Apps Aren’t Immune to Coronavirus Scams
Mobile payment apps like PayPal and Venmo could expose consumers to coronavirus-related scams, according to AARP, an advocacy group for older Americans. Even though they are frictionless, and make it easy for money transfers, consumers who use the apps are at risk for making donations to false causes, or even purchases for fake test kits and vaccines.
and Fraud Tracker
eCommerce Transaction Volume Peaks in April
As some areas in the country begin to reopen, U.S. eCommerce remains strong, but changing. Volume across all industries is up in April over 2019, surpassing holiday season levels. Yet, early growth in some industries appears to have peaked.
Other new eCommerce updates this week reveal:
- Wellness and vitamins continue to be a hot item, up 118% from 2019
- Quick service restaurants climbed 106% over the same week last year
- Demand for expedited shipping dropped, but is still up 56% from February
Kount’s Approach to Identity Trust Helps Improve Customer Experiences as Mentioned in New Business2Community Article
Ecommerce and online retailers’ supply chains, order management, and fulfillment systems are tested by the triple-digit order and revenue growth going on today. More energy and intensity are funneled into improving customer experiences online with frictionless and smart tactics.
It’s No Surprise Restaurant Traffic Shrunk, But New Digital Ordering Developments May Save the Cake
May’s Mobile Order-Ahead Tracker® explains that social distancing and stay-at-home orders have resulted in restaurant traffic sinking by 70 percent in the last two weeks of March, forcing eateries to generate revenue solely from takeout and delivery services. The new Tracker covers restaurant mobile ordering features designed to shore up declining revenue, growing tensions between quick-service restaurants and third-party ordering apps, and how increasing digital fraud is being fought with new AI and machine learning-based security systems.
Relevant and Actionable Steps to Reduce Costs in Today’s Market – Don’t Miss This Webinar
Featuring Intuit, Kount’s Top eCommerce Fraud Protection Strategies to Reduce Costs will present expert ways to gain efficiencies while growing business in today’s eCommerce market. Unexpected eCommerce growth also brings increased fraud, chargebacks, and manual reviews, but businesses are required to leverage existing resources. Find out how to optimize costs on Thursday, May 21, 1:00 p.m. ET.