cyber trends
increase in social engineering
fraud, associated with fake emails
purporting to be from HR and
corporate addresses. Here fraudsters
invite people to click for more
information, instead taking victims to
malicious sites.
• With a shift to online shopping in
apparel and accessories, we see
an increase in gift card purchases.
While a higher number of legitimate
buyers usually means that fraud rates
drop, gift card fraud rates have not.
Fraudsters have noticed an increased
demand of the completely virtual
merchandise that is easy to monetise.
In its recent report, Mitigate Coronavirus
(COVID-19) Business Impacts With
Digital Commerce (March 2020), Gartner
asserts that ‘the COVID-19 outbreak will
negatively impact business performance
in the short term as offline activities are
cancelled and online orders overwhelm
delivery capacities. Application leaders
can mitigate the impact and ensure
continuity of operations by accelerating
digital commerce initiatives’.
“With more consumers experiencing
buying online, we expect merchants
who hadn’t considered e-Commerce
as a viable platform to now try it,” said
Reitblat. “Merchants that had already
adopted e-Commerce struggle to meet
this increase in demand. Working
collaboratively from home and hiring to
meet the volume creates obstacles for
those who manually review transactions
for fraud.”
Merchants are
scrambling to cut
costs, reduce the
impact of fraud,
scale efficiently and
deliver a consistent
customer experience
to meet rising
consumer online
buying behaviour.
Forter’s integrated fraud prevention
platform delivers real-time
decisions at every point of
the customer journey from
account sign up and
login, to purchase, and
to returns. The system is
tailored for each merchant
based on its unique business
requirements, pairing merchant
feedback with Forter’s expertise.
Forter’s growing Global Merchant
Network includes over 620 million
consumers globally and 97% of online
US consumers. Links among known
consumers and those new to the
network allow the platform to infer trust,
resulting in higher accuracy without the
need to manually review transactions
and interactions.
With the Forter platform, merchants
can expect an up to 90% reduction in
false declines, recapturing otherwise
lost revenue and delivering the best
possible buying experience to their
consumers, with an up to 90% decrease
in chargebacks due to fraudulent
activity. Forter allows merchants to
scale and accelerate their Digital
Transformation strategies even in an
uncertain time.
“Rules-based systems by their
nature look at the past and adapt
to it,” said Reitblat. “New consumer
behaviours, which we’re seeing
across industries, as well as new
fraud behaviours, are missed by these
systems until they can adapt. Forter’s
identity-based system authenticates the
buyer, not just the behaviour.”
Together with the Special Report, Forter
has also issued its Eighth Fraud Attack
Index, highlighting industry trends and
innovative fraud vectors, showing the
evolution of fraud, comparing H2 2019
to H2 2018.
The report features the continued
evolution of fraud attack vectors across
all customer touchpoints, demonstrating
the need to protect merchants’ digital
offerings at all interactions in the
customer journey, from account abuse
to payment abuse to policy abuse. u
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