Early Amazon Prime Day will trigger competitors

Amazon announced that it will hold its annual Prime Day sales event on June 21 and 22 and run simultaneously in 20 countries. Now, Amazon’s competitors have less than three weeks to determine how to manage traffic increases from Prime subscribers who may be comparing prices.

Businesses can uplevel their shopping experiences and gain actionable customer insights using data from Kount’s vast network. More data can help businesses improve customer experiences, reduce friction, increase conversions, and uncover cross-sell and upsell opportunities.

Machine learning helps FIs identify fraudster

Digital banking has become the new normal, with 71% of all financial institution customers now regularly banking online. Many of these customers are using financial services online for the first time, which means they’re undergoing time-consuming identity verification procedures, redundant application forms, and sluggish processing times.

Rather than abandoning digital banking entirely, consumers today seek out FIs that offer smoother customer experiences. Businesses can use AI, machine learning, and a global network of fraud and trust-related signals to deliver quick and accurate decisions while ensuring smooth customer experiences.

8 out of 10 merchants have seen an increase in friendly fraud

An eruption of friendly fraud trends has left merchants across sectors struggling to cope with chargeback spikes, a new Chargebacks911 report revealed.

Nearly 80% of merchants surveyed admitted to experiencing an increase in friendly fraud attacks over the past three years. Among them, 68% said the pandemic was responsible for increases to their chargeback rates.

It can be hard for businesses to distinguish criminal fraud, friendly fraud, and legitimate disputes. Friendly fraud requires specialized tools not typically included in traditional fraud detection solutions. Learn more about how Kount tackles friendly fraud.

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The market for online grocery is taking off

Online grocery sales topped $106 billion in 2020, marking a staggering 307% year-over-year  increase. Online grocery will make up an estimated 21.5% of total U.S. grocery sales by 2025, doubling its current market share and coming in at over $250 billion.

While grocery pickup options are great for consumers, they leave little time for businesses to ensure there are no problems with orders or payments that could lead to chargebacks. Effective chargeback prevention needs to be at or near real time and use alerts to help businesses manage chargebacks and disputes.

Ransomware attack shuts down up to a fifth of US beef and pork capacity

JBS, the world’s largest meat processing company, has become the latest major firm to fall victim to a ransomware attack that halted production. A White House spokesperson said JBS notified the US government about the attack, which is thought to have originated in Russia. The FBI is investigating the attack.

Paying a hacker’s ransom may be a quick way to get back online, but those funds often perpetuate the cycle of crime. Businesses need to have proper protections in place to keep bad actors at bay.

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