This is part one of a three part series. Read part two: How manual review teams provide a(n almost) frictionless customer experience during the holidays. Read part three: The biggest challenges eCommerce companies face and their best advice for thriving during the holiday season.
The holiday season – it comes around every year, and every year, it seems people spend more than the year before. With increased spending, fraudsters are sneaking under the radar and taking advantage.
We wanted to know how our customers prepare 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.
For most eCommerce companies, the holiday season starts at Thanksgiving and goes through the end of the year. So how early is too early to start prepping for the month-long chaos? Over 50% of survey respondents said they started prep work in September (26%) and October (27%).
Fighting fraud on a massive scale takes preparation, so how do they do it?
- 47% purchase and onboard new tools
- 67% update their rulesets
- 66% review their performance from last year and update their goals
- What about hiring seasonal employees? 61% of all companies hire seasonal employees, with 87% of those being small businesses.
To learn more, download the full Holiday Prep Infographic.