Fraud Prevention: The Responsibility of Senior Management
A guide for eCommerce merchantsBy Shalhevet Zohar
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Inside this report
For online retailers, CNP fraud is a serious problem that will only get larger as the eCommerce market continues to grow. According to a recent report by Juniper Research, the cost of fraudulent eCommerce transactions is projected to rapidly increase over the next 5 years, reaching approximately $71 billion by 2022. Despite this harsh reality, senior management isn’t giving this issue the attention that it deserves, as executives fail to recognize the correlation between fraud management and the company’s overall growth and success.
It is common practice for fraud prevention to be assigned as a secondary task to the customer service or payments teams, and the resources allocated to handle fraud are insufficient. On top of that, fraud managers’ success is measured in very narrow terms. The wrong incentives and performance metrics are being put on the people managing fraud – more focused on lowering chargeback than on protecting revenue.
In this guide, we set out the value of fraud management operations as a whole, and why it is imperative that senior management play a larger role and assume responsibility for this issue.
Why Ecommerce CEOs Should Care About Risk Management
Optimizing Risk Management To Drive Growth
Five Key Steps Senior Management Should Take
Learn the true impact of fraud operations
Gain insight into the revenue your store may be losing out on, by not optimizing fraud review
Tangible ways to get involved
Actionable steps to help management get more involved in fraud operations
Boost approval rates & market expansion
Learn how streamlined fraud review can raise revenue and aid international expansion