This article is provided by BRC Associate Member, Axerve.
Over the decades the solutions to protect buyers and sellers against cybercrime have multiplied and evolved. However, Ecommerce is still not free from risks, one of the main reasons being the increasingly sophisticated tools available to those who commit illegal acts online.
We can see this clearly in the statistics by econsumer.gov, organization that collaborates, among others, with the Federal Trade Commission and AGCOM. The number of cross-border fraud reports has increased more than 200% from 2017 to the end of 2020, reaching losses of $216 million.
According to data published by UK Finance in 2021, the annual value of Ecommerce fraud losses on UK issued debit and credit cards in the UK grew from £28 million in 2002 to £376.5 million in 2020 with the peak in 2018 with £393.4 million. It also seems like the COVID pandemic has had a negative impact on these statistics. In fact, The UK National Cyber Security Center (NCSC) declared in May, 2021 that online scams increased by 15 times during the pandemic period in 2020-21.
The UK and European data we talked about in the paragraphs above is in line with what we see with Axerve’s clients and partners. That is why it is extremely important to take fraud prevention into the equation from the start when looking at payment processing solutions. The world of fraud authentications and approvals can seriously impact a business revenue if not taken into account when making choices about payment providers, acquirers and platforms. When looking at the best solution for our clients, all of these factors are weighed in to make sure the business makes the most of these mandatory steps and thrives in the current payment landscape, by ensuring an optimal performance in payment processing, high security levels for their transactions and a safe and frictionless check-out experience for their customers.
Axerve, which is always at the forefront in the fight against Ecommerce fraud, has introduced a fraud prevention solution based on artificial intelligence and machine learning that perfectly integrates with the online gateway. Reduction of the friction points in the payment process, decrease of chargebacks and increase in conversion rates are just some of the strengths of the platform. These, paired with the high security standards of the payment gateway, increase the payments’ protection for both merchants and their customers.
To further analyze online fraud and look at the possible solutions to cybercrime statistics have a look at Axerve’s newest whitepaper on online fraud, which can be downloaded for free at this link.