Fraud in Online Payments Amidst-COVID

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Improving the Customer Experience and Mitigating Fraud

Executive Summary

Fraud in Online Payments amidst-COVID

This report based on a U.K. consumer survey conducted in June 2020, will help you understand:

  • How changing U.K. consumer behavior has placed greater reliance on online payments since March 2020
  • Why consumers are more concerned about fraud
  • How eCommerce retailers strike a delicate balance between risk appropriate friction and improve customer experience
  • Where complex checkout processes dramatically impact user acquisition and loyalty

Key Stats

  • 71% percent of consumers have shopped with a new eCommerce retailer since the pandemic in March 2020
  • Nearly 75% of people compare up to three eCommerce sites before completing a purchase
  • Overall, fraud has increased across the board, but for 18-to-29- year-olds, this has grown by 19% in 2020 compared to 2019

Who Is This Report For?

All eCommerce retailers should be aware of changing consumer behavior in light of COVID-19. This report will educate CRM, fraud and risk professionals on the importance of a well-designed online experience and how fraud prevention technology can improve this while reducing card-not-present (CNP) fraud.

What Will I Learn?

Discover the trends impacting consumer behavior and customer experiences and learn how retailers can improve the customer journey while proactively preventing fraud.

Some of the Topics Include:

  • Offering a high-quality customer experience to meet growing eCommerce reliance in light of COVID-19
  • Providing 360-degree protection online to alleviate fraud concerns
  • Creating a seamless checkout process to decrease basket abandonment rates
  • Limiting risk while ensuring customers stay loyal by leveraging innovative technology

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This document is for educational purposes only and does not guarantee the functionality or features of LexisNexis® Risk Solutions products identified. LexisNexis Risk Solutions does not warrant this document is complete or error free. 

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