Developing Scalable Solutions to Prevent eCommerce Fraud
At the March OWI Roundtable on Preventing eCommerce Fraud With Identity Trust, panelists and attendees explored the pandemic-induced rise in eCommerce and subsequent fraud. They also deliberated on the best methods to fight different forms of fraudulent activity.
Following the event, OWI and Kount continued to delve into these topics further, taking a sharp focus on the risks associated with fighting fraud, best practices for mitigation strategies that keep a seamless, secure experience in mind, and the importance of communication from the first touchpoint through sale.
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U.S. consumers spent $861 billion via online channels in 2020, a 44% increase from 2019. But simultaneously, account takeover (ATO) fraud experienced a 72% increase compared to the same period. The rate of friendly fraud and card-not-present fraud increased as well.
This created a unique moment for retailers, eCommerce companies, and financial institutions – needing to implement fraud prevention and identity solutions that could combat increasingly sophisticated fraudsters. This report explores those solutions and how Identity can be a key to success in creating seamless experiences while keeping fraudsters at bay.
The report includes
- An overview of the Key Takeaways and critical learnings from the KNOW Identity Digital Roundtable Event
- An exploration into effective fraud detection and mitigation tools
- Thorough background on COVID-19’s impact on eCommerce across industries
- An analysis of the parallel growth of eCommerce fraud following the pandemic-induced shifts
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