The Reality of E-Commerce Fraud
Untold millions of people globally have discovered the world of online mobile shopping during the Covid-19 Pandemic. As a result bricks and mortar establishments had to push the accelerator hard on their e-commerce strategies as lockdown transformed the face of retail globally.
For many consumers it is hard to countenance a reality without the presence of e-commerce behemoths such as Amazon but there are plenty of countries whose inhabitants have to do just that. Take Sweden.
E-commerce giants’ absence has allowed domestic rivals to thrive, even while many locals may clamour for them to expand locally in their backyards. An international market with the population equivalent to the state of Pennsylvania may not present a juicy commercial target today, but may in the future. As a result, people in Sweden have to console themselves with purchasing online from the giants abroad and swallowing the resulting increased delivery fees and any import taxes due.
And while the volumes of e-commerce transactions is growing, so is the prevalence of fraud. It’s the cross-border angle though that is proving to be a problem area. Studies have shown that international online payment frauds occur more than 2 and half times than that of domestic channels. But the same goes for mobile as well.
Brazil, Indonesia, Mexico, South Africa and Venezuela find themselves amongst the top-ranked countries for mobile fraud, and companies in those countries are increasingly turning to companies like ours to help protect their customers from fraud. So how do we do this?
How To Protect Yourself Against E-Commerce Fraud
Irrespective of the country you choose, the first step any enterprise needs to take is to ensure their customers are who they say they are. This is critical for every business and not just at the point a new client signs up or creates an account. All transactions need to be viewed with caution and an eagle eye.
The key is not to block legitimate transactions. Nothing destroys the customer experience as much as mistakenly preventing buyers from purchasing goods and services they truly want. Anything that adds latency to the process as well is not viewed favourably and can result in high cart abandonment rates – when a customer adds an item to their online shopping cart but for whatever reason cannot or does not follow through with an actual purchase.
Time is critical, and something customers around the world value, which is why everything we do is aimed at verifying a customer in the blink of an eye, well fractions of a second to be precise. All of this is aimed at helping our clients offer a seamless customer experience whilst also protecting them from fraud.
Reduce Fraud With TMT
Whether you are looking to stop SIM swap fraud, port out fraud or call divert fraud dead in its tracks, we can help you do exactly this. Mobile can be a hotbed for fraud but it definitely does not need to be. Our detailed global phone number and subscriber data intelligence strengthens authentications, evaluates fraud risks and enhances the user experience at every turn. We reduce fake accounts, increase conversions and even determine the optimal channel for SMS message delivery.
Speak to us today about how TMT Analysis can help your business.