SME Futures’ Post

With more people using online marketplaces instead, e-commerce has become more popular than ever. While the boom in digital shopping trends in the last couple of years has created convenience for customers and been lucrative for sellers, it has created new opportunities for fraudsters,  exemplified by chargeback fraud and identity theft. Shufti Pro offers state-of-the-art, foolproof identity verification services customized for online marketplaces, empowering them to onboard more legitimate customers, minimize fraudulent transactions, and ensure a frictionless verification journey. #EcommerceTrends #DigitalShopping #FraudPrevention #IdentityVerification #ChargebackFraud #OnlineMarketplaces #FraudProtection #Shuftipro

BOLD Commerce is leveraging biometrics to enhance the speed of checkout through a partnership with Wink. The new checkout platform will reduce customer friction, enabling consumers to verify their identity using facial or voice recognition biometrics, both online and in-store. Once verified, details such as payment preferences, login credentials, and shipping will automatically populate, saving time and reducing the hassle of manually entering information at checkout. According to Bold, this effort will triple the speed of the checkout process while reducing the occurrence of fraud. Read more: https://ow.ly/IBaF50QvVge #payments #fraud #biometrics #checkout #biometricpayment

Security in E-Commerce: Navigating the Complexities of 3D Secure Mandates - https://lnkd.in/gHubcRvD By proactively complying with these mandates, merchants can protect their businesses and customers from fraud, build consumer trust, and effectively meet regulatory requirements. With the right approach and the appropriate 3D Secure solution, merchants can navigate the compliance landscape easily and confidently, ensuring all stakeholders a safer and more secure online shopping experience.

Day 16… of hint and tips to make you Dynamite at payments… 🚀🚀🧨🧨🧨🚀 3 Reasons for declined transactions: •use 3DS, pass as much information through on the transaction as possible, use fraud prevention tools •keep your checkout clear and simple to navigate through •issuers access risk on your previous transactions, work with your PSP/ Acquirer to improve fraud controls and chargeback history to boost approvals #payments #merchantservices #retail #shopify #collections #business #woocommerce #magento #blackfriday

Today's shoppers want smooth, secure experiences whenever they interact with online stores. Combining ease of use with strong security is crucial for standing out in crowded digital markets. Failing to find this balance can lead to costly fraud and losing customers. Want to learn more? Reach out, and I'll gladly chat with you and provide further insights. #customerexperience #loyalcustomers #ecommerce #fraud

In 2023, e-commerce businesses lost an estimated USD 41 billion due to returns fraud. While product returns are an essential part of the online shopping experience, they can also be a major source of fraud. Read to explore how to analyze fraudulent returns and help your business protect revenues. https://lnkd.in/dHg-uj9y #ReturnsFraud #ProductReturns #Ecommerce #CustomerExperience Gaurav Kumar | Mayukh Gupta | Harshita Singh

3-D Secure Makes #Payments Better for Merchants, Shoppers - https://lnkd.in/eW3bP_GC Secure Makes #Payments Better for Merchants, Shoppers Success in today’s hyper-connected digital landscape boils down to two things: security and convenience. And the success of digital #payments and #eCommerce in the 21st century3-D Secure Makes #Payments Better for Merchants, Shoppers

In 2023, e-commerce businesses lost an estimated USD 41 billion due to returns fraud. While product returns are an essential part of the online shopping experience, they can also be a major source of fraud. Read to explore how to analyze fraudulent returns and help your business protect revenues. https://lnkd.in/dHTXsyiE #ReturnsFraud #ProductReturns #Ecommerce #CustomerExperience

🔒 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗧𝗼𝗸𝗲𝗻𝘀: 𝗧𝗵𝗲 𝗦𝗶𝗹𝗲𝗻𝘁 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗼𝗿𝘀 𝗼𝗳 𝗲𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲! Picture this: It’s 2024, and US merchants are losing $3.75 for every dollar of online fraud. The numbers are rising, but there’s a silent guardian in the shadows: Network Tokens. 🎯 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 𝟏: Imagine shopping at your favorite online store, ‘Store A’. Each time you hit ‘Buy Now’, there’s a hidden risk of fraud. But with Network Tokens, it’s like ‘Store A’ has a secret superhero. The risk assessment and liability shift from ‘Store A’ to the issuer, making your transactions safer and reducing costs for ‘Store A’. 💡 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 𝟐: ACI’s Payments Orchestration Platform, acting as a Token Service Provider (TSP), is like the superhero’s secret lair. Each network token is domain-restricted, creating a unique, unbreakable lock for each store you shop at. So, if another store, ‘Store B’, is attacked by fraud, it doesn’t affect ‘Store A’. 🚀 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 𝟑: Consider a subscription service, ‘Service C’, where you’re a regular customer. With Network Tokens, ‘Service C’ can securely store your payment information for recurring billing. Even if ‘Service C’s’ data is breached, your information remains safe because the token is useless outside of ‘Service C’. It’s like having a personal bodyguard for your account. In a nutshell, Network Tokens are the silent protectors, transforming the eCommerce landscape and making it safer for merchants and customers alike. Stay tuned as we reveal more about the transformative impact of Network Tokens on our day-to-day online shopping! 🚀 #NetworkTokens #eCommerce #OnlineSecurity #FraudPrevention #ACI

Online shopping scams are 38% of all reported scams worldwide. Scams are growing at 31% YoY. Fraud checks used to be seen solely as a friction generator that created declines for good users. Now that trend is shifting. ⚙ We're seeing merchants increasingly look for providers who are pushing the R&D boundary to detect more fraud with less friction. 🕵️♀️ If we use passive detection, looking at things like user behavior before, during and after an e-commerce session we get much closer to who's a good user and who's bad. If you're done with the same old providers, same old false positives, come run a PoC with us. 👀 (Data Source: Portsmouth University, FBI)