The Keys to Finding the Right Fraud Prevention Provider | The Business Debate
As online and mobile payments have risen to near-ubiquitous levels, card-not-present (CNP) fraud rates have increased just as fast, with CNP fraud losses projected to increase by $3.2 billion over the next four years. To make matters worse, fraudsters are constantly evolving their tactics – before merchants even discover they have been affected by fraud, criminals have moved on to the next target with a new scheme. And it's not a problem merchants can forget about: fraud costs online merchants more than 7.5 percent of their annual revenue. There are numerous considerations when it comes to fraud, including nasty side effects such as revenue losses and chargeback losses, not to mention long-term impact on customer loyalty. Another issue is that many merchants try to prevent fraud by blocking all types of transactions from certain locations or transaction qualities, which is not effective in the long run. It prevents merchants from accepting a number of legitimate orders, and limits the