One of the greatest competitive advantages a retailer has today is the ability to verify and approve good customer transactions as fast as possible, while at the same time decreasing the business’ risk of fraud.
The impact of the pandemic has had a tremendous effect on eCommerce.
Online spending soared from $3.4 trillion in 2019 to over $4.2 trillion in 2020, with over two billion people buying products or services online.
eCommerce, in fact, has been on an upward trajectory since its inception, with the proportion of retailers’ online revenues up over 2500% since 19992.
By 2023, eCommerce is expected to generate over $700 billion3 in the US and nearly $6 trillion globally.
Along with the rich growth in sales comes the risk for fraudulent activity, driving merchants to create fraud prevention strategies in-house or in collaboration with external partners.
While critical, simply mitigating fraud is only part of the picture: vendors need to ensure the experience of valid customers is not marred by well-meaning, but poorly executed, fraud prevention tactics. Merchants need to ask themselves: Are they losing customers who have become frustrated by
having legitimate purchases incorrectly rejected? Can their current customer identity validation strategies identify, much less correct, these errors?
How can they gain superior data efficacy, organizational visibility, and optimize their customer experiences?
Niall Whelan is the Principal Data Scientist for Ekata in Asia Pacific. He has been with Ekata for 6 months and prior to this has worked in the digital identity and fraud space with the device identification company Threatmetrix as a data scientist in Europe.
The work of a data scientist at Ekata involves developing solutions that allow companies across a wide breadth of industries to leverage both their own data and Ekata’s solutions to provide their customers a seamless & frictionless experience, while also stopping fraud early and efficiently.
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