Implementing Frictionless Payments While Preventing Fraud
A great shopping experience is closely related to a great paying experience. Consumers are executing frictionless payments in their everyday transactions. This article is about the importance of enhancing customer experiences through faster payments and the security of online transactions, including Shopify fraud prevention.
Secure Transactions: Shopify Fraud Prevention
Online fraud has been on the rise, especially after COVID-19. It’s hurting eCommerce severely.The reason is that the eCommerce market has been growing rapidly because of COVID as so many physical stores closed their doors and so many consumers switched to the online shopping space.
Online fraudsters are mastering their skills to easily exploit potential weaknesses in a company’s controls, defenses, and responses to fraud. So, it’s no wonder that payment fraud has grown exponentially.
According to the recent FIS/Forrester Consulting global survey, 59% of merchants witnessed more card-not-present (CNP) fraud in their eCommerce channel during 2020 than in 2019.With all that in mind, make sure to work with a respectable payment specialist that can guarantee excellent fraud prevention and the highest level of data security.
A true payment expert offering advanced technologies can make the lives of your customers easier and help you take your business to the next level without difficulty. A respectable payment processing specialist will help you with any merchant services, including Shopify fraud prevention.
Frictionless Payments & Safer Payment Processing
Paysafe’s Lost in Transaction research shows that 51% of consumers would use any security measure required to keep their data safe without paying attention to poor customer experience. On the other hand, a 2021 Global Identity and Fraud Report by Experian reveals that consumers would stop processing a transaction if it required them to wait long.
Recent research in the field revealed that 46% of the surveyed retailers required 2-factor authentication (2FA) and similar types of authentication to mitigate the risk of fraud. PSD2’s Strong Customer Authentication requires 2FA.
As you may know, if 2FA could make customers avoid completing checkout, how can you eliminate chargebacks without losing good customers? Some professionals in the field note that incorporating AI-powered machine learning tools can be a way out.
However, these tools aren’t the only option. You can work with a reliable payment processing specialist to reduce the wave of fraud.
Providing Frictionless Payments & Preventing Fraud
With eCommerce sales shooting up, you should pay special attention to the security of online transactions. The rise of online fraud adds to the friction of customer experience and can make customers go to your competitors. So, work with an expert in payments to provide frictionless customer experience and stay away from fraud.
Author Bio:- Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.