On-line fraud causes confidence hole between prospects and retailers, research finds

Online fraud causes confidence gap between customers and retailers, study finds

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As ecommerce elevated in the course of the pandemic, so did fraud. In keeping with a brand new survey by Riskified, within the U.S., greater than three quarters (82%) of shops stated that they’ve seen a rise in fraud makes an attempt because the pandemic started; promo abuse had the largest affect (46%) on revenues, adopted by account takeovers (43%).

Above: Key findings from Riskified’s eConfidence survey, comprised of 4,000 shoppers and 400 retailers.

A confidence hole between retailers and shoppers globally was additionally unearthed; greater than half (55%) of all retailers stated they had been assured of their capacity to forestall ecommerce-related fraud, though solely 34% of shoppers belief in retailers’ capacity to take action. On high of that, 40% of shoppers place extra blame on the retailer the place their account was compromised than on the fraudster.

This info is important for retailers to know, as 66% of U.S. shoppers stated they wouldn’t purchase on-line once more from a store the place their account was compromised.

The affect of fraud on retailers’ backside strains is extreme, with 26% of worldwide retailers saying that fraud is considerably damaging their profitability. Worse nonetheless, over one-third (34%) of worldwide retailers stated that they had misplaced between 5% and 10% of their ecommerce income to fraud in 2020.

Retailers who decide to leverage fraud-prevention options, equivalent to these provided by Riskified, will see elevated belief and confidence with their prospects, the report says.

Learn the full report by Riskified.

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