Fraud

It’s no surprise that the pandemic-fueled surge in online shopping has led to an increase in credit card fraud of all kinds — including first-party misuse, or friendly fraud. When a customer disputes a legitimate transaction, whether it’s a knowingly fraudulent refund claim (e.g., making an online purchase and then falsely claiming that the product…

The e-commerce industry is flourishing, and being an e-commerce business owner, securing your platform and customer data should be your biggest priority in 2023. But the question is: Why is 2023 the time to reinvent your e-commerce security? Well, most businesses relying on legacy systems and conventional tools/technologies aren’t aware that their customers or employees…

The effects of the COVID-19 pandemic have made online shopping more accessible to a number of people worldwide. However, its growing popularity also meant that a surge in online fraud would soon follow. And it did. Statista data showed that global e-commerce losses to online payment fraud stood at $41 billion in 2022, and have the…

Debit card/credit card fraud is in steep decline as a concern for retailers, proving that anti-fraud and cybersecurity programs really do work. But like the many-headed Hydra from Greek mythology, cybercrime seems to sprout two new nefarious tactics for each one we mitigate. When it comes to retail, malicious actors are relentless, and we should expect…

While the rapid rise of e-commerce has generated additional revenue for many retailers, it’s also brought additional challenges. The increased fraud risk and merchant liability for online transactions create a cautious environment filled with costly review processes, poor customer experiences, and lost sales. Merchant concerns are not unfounded, as global e-commerce fraud losses are projected…

Retailers have plenty of questions on their minds during the holiday shopping season. What will post-pandemic consumer spending look like? What effect will inventory levels and inflation have on profit margins? Will flagging consumer confidence impact brand loyalty? But there’s another crucial question you should be asking: What are the chances that “digital Grinches” will…

You want your retail business to be regarded for exceptional customer service and products. Reputation is important, and retailers will go the extra mile to ensure loyal customers are happy. Sometimes these concessions, such as an overly lenient return policy, can have an adverse impact on a retailer’s business. While relaxed return policies may comfort…

Working with multiple systems, the growing threat of fraud, and the lack of visibility into data are the top three challenges finance professionals face with business payments. That’s according to the Strategic Treasurer 2022 Global Payments Survey of over 230 treasury and payments professionals. These challenges aren't surprising. The pandemic put the push to digitization…

Fraud attempts are challenging for all retailers, but especially so for luxury merchants which operate in a highly competitive market with unique challenges. Brands such as Balenciaga, Burberry, Hermès, Gucci, and Louis Vuitton rely on exclusivity and a delicate balance of supply and demand to drive business and customer loyalty. But this high-end merchandise, which…

Following several years of exponential growth, e-commerce is bracing for lean times ahead. Online retailers are contending with economic headwinds fueled by a global conflict, a drawn-out pandemic, and rising inflation. A June 2022 survey reveals that 83 percent of Americans are cutting back on personal spending due to increased inflation. Online payment fraud is also…