As COVID-19 continues to impact the market, we’ve seen a massive shift toward ecommerce. The rise in contactless payment as a result of the coronavirus has been a key trend. Consumers are adopting options like mobile ordering and in-store pickup at an astonishing rate. Learn about best practices to address fraud risks.
It’s near impossible to keep up with the pace of change in ecommerce payment. That’s a problem, because fast-paced innovation inevitably leads to vulnerabilities. Without the right approach, revolutionary profit opportunities could fall victim to advanced ecommerce payment fraud threats. A multilayered, strategy is needed.
When we think about the U.S. Federal Reserve, it’s usually in terms of interest rates, money supply or some other facet of monetary policy. Beyond those responsibilities, the Fed plays a much larger role in the payments space than most people realize.
The clash of the titans goes on: Amazon rolls out free, one-day shipping for Prime subscribers, and Walmart immediately counters with a free next-day shipping offer of its own, with a $35 threshold to qualify and no membership requirement.
While retailers pursue same-day delivery, grocers often complete and ship orders in an hour, while restaurants get even less time. Merchants in food delivery thus have to make instant decisions about the legitimacy of a purchase or risk upsetting their customers. The trick is implementing fraud prevention without ruining the experience.
The gulf between industry policy and the practical realities of the market creates vulnerabilities and opens the door for new threats like friendly fraud and cyber shoplifting. Visa and Mastercard are stepping up to take this challenge seriously. But is it enough? What’s really needed is a consistent process across card brands.
Is blockchain technology the way to fight chargebacks and chargeback fraud for ecommerce retailers? This is a question that is becoming more important as we look for ways to secure ecommerce transactions which continue to grow exponentially each year.