The last 10 years have been quite “successful” for fraud both in the eCommerce and mCommerce fields. It’s time to change fraud fighting philosophy and take it to the next level. So, how can this be done? Who can help you with secure and affordable high risk credit card processing? The lines below will give you the answers.
Fight High Risk Credit Card Processing Fraud
The Sift Digital Trust & Safety Survey reveals the following:
- 2/3 of online businesses experience payment fraud
- 63% have problems with fake accounts
- 55% are faced with fake or spammy content
- 42% fight account takeover
- For 57%, revenue-generating and fraud-prevention goals lack full alignment
- About 2/3 using fraud-prevention rules think these hinder legitimate customers
- For 77% of businesses operating online, reducing friction for customer experience is a priority
- For 58%, fraud prevention is a rock on the way towards cutting friction for customer experience
What about you? How are you fighting payment processing fraud? Are you working with a reputable processor that can help you easily fight fraud associated with low and high risk credit card processing? If no, it’s high time. With a true credit card processing professional in your field, you can get the latest fraud prevention and chargeback mitigation services so to grow your company successfully.
In fact, legacy fraud prevention is more based on risk mitigation instead of growth encouragement. Thus, legacy fraud prevention systems are killers of growth. Instead of creating friction for fraudsters, they create friction for customers.
Combat Fraud with Digital Trust & Safety
The truth is that reacting to fraud after it happens isn’t enough. Moreover, it’s not enough to get an additional fraud solution if the one you’re using isn’t capable of catching everything. To fight increasingly sophisticated fraud and skillful fraudsters, you should focus on proactive systems. It’s the very lack of such systems that’s created today’s Digital Trust & Safety Deficit.
To level up your fraud fighting, you should move from a legacy approach towards a Digital Trust & Safety approach. The latter is a paradigm aimed at aligning risk and revenue decisions based on processes and technology. By the way, Airbnb, Facebook, Patreon, PetSmart, and Twitter are already using Trust & Safety in their DNA.
Well, such approach can make your growth more risk free. All you need is to:
- Have your product and finance teams involved in fraud decisions.
- Ensure smooth cooperation between these teams. Don’t be focused only on growing and protecting your business. Don’t keep your fraud-fighting infrastructure and revenue-generating engine separate.
- Study user behavior, search for signs that might point to a fraudster.
- Don’t dwell on the dark side by just sticking with rule-based fraud prevention systems, which aren’t flexible and fast: be proactive.
To sum up, currently, fraud is more “interested in” the digital space with ad inventory and mobile. The online fraud landscape is undergoing major changes, and businesses are struggling to avoid fraud. Criminals don’t stop adapting and discovering more advanced solutions to attack users. So, work only with a respectable processor to protect your business in the best possible way.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that provides the most reliable and cheapest high risk credit card processing in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.