This is part three of a three part series. Read part one: How eCommerce Companies Prep For The Holidays. Read part two: How manual review teams provide a(n almost) frictionless customer experience during the holidays.
We wanted to know how our customers prepared for the holiday season; how do other companies prepare? What challenges do they face? We surveyed over 150 eCommerce fraud managers about what their preparation process looks like in hopes of being able to help you fight fraud smarter.
With over 450 years of combined fraud experience, our customers have handled fraud before; 56% of respondents have worked in fraud for 4+ years. So what is their best piece of advice if this is your first year fighting fraud?
- Training seasonal team members early is key to keeping chargebacks low
- Don’t just focus on the obvious high dollar items
- Go with your gut instinct
- Categorize all possible fraud and set aside to re-review at a later time
Fighting fraud like a pro doesn’t come easy. You have to find a balance of keeping your actual customers’ experience a positive one, while keeping the fraudsters out. The things our customers are most concerned with are:
- 45% with long review queues
- 45% with high chargeback rates
- 55% with false positives
One of our customers said, “Ekata has been integral in assisting us in reducing our manual review rate while improving accuracy, reducing false positives, and keeping chargebacks to an industry low.”
To learn more, download the full Holiday Prep Infographic.