Fraud Prevention in Ecommerce Report 2022–2023
What It Takes to Build Trust and Safety in Digital Commerce
As ecommerce continues to gain momentum in a post-pandemic world, millions of online merchants are fighting a rising phenomenon — ecommerce fraud. Ecommerce fraud happens when scammers intercept a commercial transaction at an online store, aiming to gain a personal or financial benefit.
The Paypers’ 2022–2023 edition of the Fraud Prevention in Ecommerce Report aims to explore how the fraud ecosystem evolved, so that merchants and businesses can be one step ahead of the game and deploy effective security methods to win the battle against fraudsters. In addition, the report delves into the latest fraud prevention strategies involving AI, machine learning, behavioural analytics, biometrics, and reliable authentication tools that help organisations provide a safe environment in online payments both for them and their end-clients.
The report’s highlights
Key Trends in Ecommerce Fraud
The current economic turmoil, the customers’ constant need for a faster and more convenient payment process, as well as the rush of returning to a post-pandemic normal world are some of the many factors that facilitated fraudulent activities in 2022. As ecommerce remains a popular way of shopping for goods and services, fraudsters are bringing new skill sets to the table to make more money off victims’ backs. Fraud-as-a-Service and online scams have become more prevalent in the ecommerce industry, so both merchants and PSPs need to tackle these threats accordingly.
Fraud Prevention Strategies and Solutions
Being one step ahead of fraudsters means deploying the best fraud prevention strategies and continually improving businesses’ solutions, as the fraud environment is constantly evolving. The second chapter of the Fraud Prevention in Ecommerce Report analyses some of the most efficient ways to combat fraud while maintaining a smooth customer experience, with the least amount of friction possible.
The online gambling industry and the travel industry face some of the highest numbers of chargebacks, account takeovers, and red-flagged transactions, which puts extra pressure both on online platforms and anti-fraud solution developers to deliver improved overall customer experience.
Latest Updates on Technology That Helps the Industry Detect and Prevent Fraud
An important part of keeping the payments process safe is deploying the latest technologies to better identify, prevent, or fight fraud before the damage is caused. Top industry experts have laid down the best practices in fraud decisioning, orchestration, and tokenization, to effectively deter fraud in ecommerce, without compromising the user’s experience.
From mobile commerce fraud to card declines and other common types of fraud, deploying high-end, up-to-date anti-fraud solutions is the only way merchants can maintain a low cart abandonment rate and protect customers when shopping online. Browse this section to find out more about navigating the CX journey across various types of fraud — what merchants can do to ensure high CX satisfaction or how to rescue credit card declines.
Operations and Costs
This section of the report analyses the true costs of deploying efficient anti-fraud systems and technologies, training fraud teams to use a unique combination of data, machine learning, and AI to deter fraudsters, while navigating the shallow waters of an unstable global economic system and downturn.
Standards and Compliance
One way to help merchants maintain low abandonment cart rates and provide maximum user satisfaction is by implementing the latest standards and regulations, including PSD2, PSD3, and SCA. The following chapter focuses on the ever-changing field of anti-fraud regulation and provides the latest updates with valuable input from industry leaders.
Who Is Who in Fraud Prevention
This chapter is dedicated to notable players in the industry who are constantly chasing and deterring fraud by eliminating pain points while adapting to customers’ evolving expectations. The 2022–2023 edition of the report features an overview of key players’ core services in fraud prevention.
Finally, solution providers present their approach against the increasing fraud challenges and render us the potential of their latest technologies, their reach in the industry, and their successful business model for the specific target group they serve.
The main topics tackled in this report are relevant not only in understanding how complex the fraud system is globally but also in determining the most successful strategies end-users, merchants, and PSPs can implement to protect themselves from this phenomenon.
The up-to-date perspectives, tips, and insights provided by industry specialists can help you better understand and combat fraud in the upcoming year. So, we invite you to download your FREE copy of The Paypers’ Fraud Prevention in Ecommerce Report 2022–2023 !
Irina Ionescu
Senior Editor, The Paypers
Irina is a Senior Editor at The Paypers, primarily specialising in Payments and Commerce. She has a Ph.D. in Economics and a strong economic academic background, with interests in fintech, ecommerce, alternative payment methods, blockchain, and cryptocurrencies. You can reach out to her via LinkedIn or email (irina@thepaypers.com).
