You’re feeling great about your eCommerce business. Everything seems to be falling into place. You’ve optimized your checkout process to increase your conversions: Local currency, check! Coupons, check! Retry and failover mechanisms, check! You’ve got tons of customers coming to your site, but wait! Fraudsters, fraudsters everywhere. You quickly realize you may not be converting the right customers and need to invest in better eCommerce fraud prevention.
Not to fear, Kount is here! In our webinar on Tuesday featuring Don Bush, the VP of Marketing at Kount, we spoke about increasing the RIGHT conversions, and how eCommerce fraud prevention can help you do this.
The fact of the matter is that criminals want money, and merchants have money. Even those who haven’t experienced eCommerce fraud yet will probably experience it some time in the future.
This is why it’s critical for online merchants to invest in eCommerce fraud prevention – now is the time! If you have any of the following symptoms of fraud, you may want to act quickly:
- Chargeback rate above .5% or 50 basis points
- Return rate higher than 1%
- Rejection rate higher than 1%
- Abandonment after submitted transaction
- High affiliate turnover
- Manual reviews above 10%
- Too many rules for catching fraud
It may seem like the easiest path, but setting and forgetting your fraud rules will not keep your business on top of cyber crime. You should consistently check on your fraud rules to make sure that you aren’t letting fraudsters in, or even worse, shutting out customers who may not be fraudsters at all.
There are many different strategies for becoming a master of eCommerce fraud prevention. Check out the recording of our webinar below to learn more about how you can optimize your checkout for conversions while preventing fraud:
If you’re still curious about how your checkout may be performing compared to your competitors, check out our Checkout Conversion Calculator. This tool will help you identify the points of friction in your checkout so that you can get more customers through to checkout and make more money: