Protect Against Fraud With Digital and Device-Based Authentication
Fraud has always been a concern for merchants selling their products online, but right now it is at a level perhaps not seen before. As the consumer shift to online shopping has been accelerated during the COVID-19 pandemic, so too has the number of fraudulent transactions. Cybercriminals are taking advantage of the surge in online traffic to retailers' websites, and the lack of security oversight, to make fraudulent purchases, costing retailers and brands millions in the process.
Consider the following data from cybersecurity company Mimecast: During the 104 days from Dec. 30, 2019, through April 12, 2020, the total monthly volume of malicious online activity — such as “phishing” emails and domain spoofing — worldwide grew 33 percent. Retailers were hit harder than any other sector by malware and domain spoofing, and were a close second to manufacturers in total detections, Mimecast says. Worldwide, malicious activity detections for the retail/wholesale sector were 498,521 for the period examined, compared with 501,708 for manufacturers. In the U.S., those numbers were 231,791 and 262,470, respectively, the company reports.
With this data in mind, Total Retail will be hosting a webinar this Wednesday (Aug. 19) at 2 pm ET to help retailers protect their customers and businesses from fraud — and without negatively impacting the consumer shopping experience. The complimentary virtual event, Satisfy Customers and Mitigate Fraud: Retailers' Guide to Digital Authentication, will feature Groupon's fraud program manager, Shana Golderg, as well as the senior product analyst, risk solutions at Neustar, a leader in the field of responsible identity resolution.
Retailers are often caught between taking aggressive actions in an attempt to mitigate fraud risks and providing a frictionless online shopping experience, one that's more likely to lead to a conversion. While it's a delicate balance, there are solutions that can enable retailers to do both successfully, such as device-based authentication. Device-based authentication adds another layer of security, verifying not only that the username and password entered are correct, but also that the device used, the geo-location, the browser from which it's being accessed, and other parameters match the information previously authorized by the rightful owner.
In this webinar, our expert speakers will provide insights into how digital authentication and, more specifically, device-based authentication, can deter fraud and satisfy shoppers, including:
- why authentication plays an essential role in merchants’ ability to serve the surge of e-commerce customers during COVID-19;
- e-commerce fraud prevention best practices, and how they can be implemented within your organization;
- how to minimize friction in the customer purchase process, as well as false positives and fraud risk through device-based authentication;
- how digital authentication can be leveraged as a tool to improve the customer journey; and
- much more!
To help prepare your business to capitalize on the continued growth of e-commerce, which figures to extend post-pandemic, retailers need to ensure they're providing a frictionless shopping experience for customers while also protecting their businesses from fraud. This interactive, complimentary webinar will tell you how. Register today!
