UK research firm and consultancy Juniper Research predicts that online retailers will lose $130 billion in the upcoming 5 years while fighting a growing cross-channel threat using obsolete technology. How are you going to protect your business? Are you looking for chargeback insurance providers? Let’s see who can help you protect your business from payment processing fraud.
Payment Fraud & Chargeback Insurance Providers
eCommerce merchants continue to concentrate mainly on fraud prevention efforts at the point of the transaction, instead of looking for new ways that can help them sidestep an evolving threat.A recent report on online payment fraud 2018-2023 shows that merchants aren’t focused on implementing comprehensive fraud detection and prevention systems.
Card-not-present or CNP fraud is becoming “smarter and smarter.” Quite naturally, it’s important to use more advanced fraud detection and prevention systems aimed at incorporating authentication and behavioral analytics. This is how you can enjoy more ROI than expected, as Steffen Sorrell, the author of the mentioned report, notes.
Well, how can yoube sure they enjoy safe and secure payment processing services? This can’t be an issue if you work with a reputable payment processor that provides the most sophisticated and secure payment processing solutions for your business.With a true payment expert, you can be sure to never fall victim to fraud. So, if you’re interested in chargeback insurance providers, just find the right processor to work with.
By the way, a recent survey shows that mid-sized merchants with annual revenues of $250 – $1 billion will beconsidered the most high risk targets for fraud over the upcoming 12-24 months.
Fraud at Checkout & Not Only
The PYMNTS Remote Payments Study reveals that more than 6 in 10 (or 63.8%) of shoppers who made a payment remotely via a mobile device made a selectionwith the help of online browsing. What’s more:
- Almost 3 in 10(or 30.5%) of consumers used mobile to makeclothing purchases and pay
- About 29.6% of consumers chose mobile to make their mass merchant purchases and pay
- Nearly ¼ (or 24.6%) of consumers opt for mobile to shop and pay for their quick-service restaurant (QSR) purchases
- Only 3.6% of consumers used voice to shop for their QSR purchases and pay
- 3% of consumers turned to voice to shop for their mass merchant purchases and pay
The way people make their payments and complete financial transactions could result in significant growth for small businesses.New payment technologies, such as those making transactions faster through digital wallets, and the new methods of making paymentsbring about new challenges. CNP fraud is one of the most significantchallenges of this type.
According to a 2016 research, CNP fraud would be more than $7.2 billion in the US by 2020, thus accounting for a 225% increase from 2015 levels. With all this being said, it’s too important for merchants to focus their attention on not only the existing payment fraud threats but also on those that’reevolving. Just turn to a respectable credit card processor to be able to protect your business to the best possible way.
Author Bio:Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBrokerthat’s exceptional for those interested in chargeback insurance providers. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.