In 2020, COVID-19 gave a significant boost to ecommerce. As businesses shuttered and fear of the disease spread, consumers moved the bulk of their business from in-person to online channels and mobile.
Unfortunately, consumers weren’t alone in the digital transformation. When commerce shifted from physical stores to online, and away from cash and physical cards, fraudsters stepped in to take advantage of inadequate security. Not surprisingly, they welcomed the anonymity that came with online faceless transactions.
Legacy fraud detection and prevention methods proved insufficient to match the advanced technical prowess of these online fraudsters. The rise of synthetic identities and a surge in bot attacks are just a few of the schemes currently causing trouble for ecommerce businesses. And with each passing day, fraudsters become more bold and sophisticated in their schemes to defraud companies.
The metrics show that costs and successful fraud volume is high for each Asia Pacific market. Merchants have had to adapt quickly to new transaction methods and payments for both online and mobile markets.
The right solutions, layered for maximum protection, can help ecommerce companies differentiate a trusted customer from a fraudster, beginning with account origination to every visit and transaction that follows. Best of all, they preserve the customer experience, causing minimal friction in interactions and transactions.
Want to know more? Check out our latest ebook, “The Evolution of Ecommerce.”