Payment fraud is an unfortunate reality of selling online. We’ve found that merchants are often uninformed about the risks of payment fraud, don’t have enough resources to adequately address the problem, and don’t have strategies in place to ensure that they’re protected both now and in the future.
It’s also often the case that where merchants do implement fraud controls, they do so at the expense of customer relationships. Finding the optimum balance between customer conversion and protection against fraud and chargebacks is a key objective for merchants selling online.
We’ve found that as merchants mature, their attitudes and approaches to fraud management evolve predictably through a number of defined phases. We’ve created the Fraud Management Maturity Model to identify the challenges that merchants face at each phase of that journey.
In addition, we have suggested some steps that they can take to ensure that their processes are performing so that instances of fraud can be identified before they become a problem and so that legitimate customers can become successful customers. And we’ve used those learnings to implement fraud management tools which are optimised for merchants at every stage of maturity.
Check your own fraud management strategy against the maturity model outlined in our PDF infographic to understand what steps you can take to improve your fraud management processes.
Realex Payments have just launched a fraud management solution and have been shortlisted for the Anti-fraud/Security Strategy of the Year Award at the FS Tech awards in London in March 2016. If you would like to learn more about how you can optimise your ecommerce fraud strategy, get in touch at firstname.lastname@example.org.