ANNUAL FRAUD BENCHMARK REPORT: A BALANCING ACT
If there’s one word that sums up the way the world is changing when it comes to managing fraud across digital channels, it’s “more.” More people are buying more goods and services online. That means more opportunity for businesses, but also more competition — and more demanding customers.
There’s more commerce being conducted over mobile devices — the mobile channel is growing at a rapid pace as use of smart devices continues to rise. And there are more channels beyond mobile, with every social network now a potential point of sale.
Naturally, this expanding digital commerce environment attracts more fraudsters attempting more fraud — often in more sophisticated ways — across all selling channels.
For fraud management teams, this means a more complex operating environment than ever before. But this complexity doesn’t usually come with more budget to ght fraud or less pressure to deliver results.
A BALANCING ACT
Our latest survey of U.S. and Canadian businesses shows that, despite all this complexity, fraud management teams are successfully managing fraud, with revenue lost to eCommerce fraud remaining relatively stable over the past ve years.
But to optimize fraud management, you need to balance lowering fraud losses against:
• Accepting more genuine orders to maximize revenue
• Making your operations as ef cient as possible to minimize operational costs
Based on the results of the survey, we look at key trends and challenges facing North American businesses seeking to nd the right balance and discuss some of the approaches and tools that are available to help you.
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