Balancing Fraud Prevention and Seamless Customer Experience

Ecommerce brands lose $18 Billion in sales revenue annually because of cart abandonment. Given the fact that consumers have a low tolerance for long checkout processes, ensuring a smooth, seamless customer experience is paramount. Adding security steps means adding complexity to the checkout process, driving down customer satisfaction and increasing the odds a customer will leave and never return.

 

For this reason, fraud prevention has existed in relative isolation from other digital experience functions, and fraud teams often end up at odds with other digital teams, making trade-offs in security measures to meet broader business goals around delivering excellent customer experiences. However, this approach is no longer sustainable. As more businesses move online, the risk of online fraud and associated losses continues to grow, costing ecommerce businesses over $20 Billion dollars in 2021.

 

Trade-offs that made sense in the past are no longer viable, and companies must find a way to orchestrate frictionless customer journeys that effectively protect all parties from fraud losses.

  • Date : 28/06/2022

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