We recently had a customer and a great friend – Jamon Whitehead, Sr. Manager of Payment and Risk Operations at backcountry.com come and spend the day with us. It is invaluable for us to get customer feedback to enhance and develop our product offerings, like Ekata Identity Check™. But even more so, it’s a unique opportunity to learn from the brightest minds in online retailing about the changes in customer shopping behaviors, fraud, and regulatory updates, that all impact how online transactions are processed.
Here are a few things we’ve learned from our client and the great partnership we’ve formed working together over the past couple years.
- eCommerce fraud prevention is all about layering. Automate the speed to clear process on top; layer in validation and authentication tools for higher risk transactions to increase friction for fraudsters; and manually verify information when necessary, at the bottom of the flow.
- The focus of each company’s fraud prevention can be very different depending on their risk tolerance. The type of products, digital vs. physical, the value of those products, and the profit margin of the products can make a significant difference for their fraud prevention strategy. So it’s important to understand the tolerance and provide the right identity data that fits the need.
- There is no shortage of tools to choose from for eCommerce fraud prevention. It is key to stay in touch with peers to learn from their experiences and knowledge. Understanding where similar businesses are getting “lift” and how the tools they use impact their ROI can help you make your decisions. See how backcountry.com uses Identity Check for their layered approach.
- It’s supremely important to understand your fraud prevention efforts from the perspective of good customers. Test your sign up and check out flow to make sure there’s maximum security and minimum friction at each step. Learn how other retailers are using dynamic identity data to successfully reduce insult rates and move good customers through their queues.
As we continue to learn and grow with our customer base and see the continued increase in online transactions; we will always look to our customers and thought leaders in the industry for feedback, to share trends and experiences, and work together to fight the fraud frenzy as a community.
Learn more about Ekata Identity Check™ and how we partner with top retailers to speed good transactions through the process.