Fraud is an unfortunate fact of life in the eCommerce world. It doesn’t matter how much you sell, where you’re located, or where your customers are located. If you accept credit cards on your website, you need to be prepared for fraud. So in the spirit of Thanksgiving, let’s give thanks for the vendors that support merchants’ fraud prevention strategies. Without them, much of the innovation that is occurring in the payments industry would not be possible.
Merchants definitely have their hands full. To be competitive, many businesses are forced to reach a global audience, grow sales in new payment channels, and accept the most innovative payment types. All of these initiatives rely on effective fraud prevention. To complicate matters even further, the U.S., one of the largest payment markets, is migrating to EMV cards and shifting fraudsters focus from bricks-and-mortar to eCommerce. Since EMV liability shifts went in to effect on October 1st, eCommerce merchants have seen attempted fraud increase more than 15%, a number that we believe is a fraction of what we will see over the next 12 – 24 months.
Ecommerce merchants should consider their fraud prevention options carefully. Some techniques create an excessive amount of friction during the checkout process, which can decrease conversion rates. Anticipating the acceleration of CNP fraud, we partnered with Kount to give merchants of all sizes access to cutting edge fraud prevention technology. BlueSnap was excited to integrate with a best-in-class platform that uses multi-layer device fingerprinting and leverages data from thousands of merchants to stop fraud in real-time with no shopper friction. We are now even more excited (and thankful!), to announce the benefits this platform has delivered to our customers so far.
- > $10 million of fraud stopped
- 0.10% chargeback rate (All merchants dream of 0 chargebacks and BlueSnap’s performance is about as close to 0 as you’re going to get)
Reductions in chargebacks are expected to save our customers about $2 million per year in fees.
“These results are terrific and show that as BlueSnap continues working in partnership with their merchants to stop fraud, the results will continue to improve.” said Don Bush, VP, Marketing for Kount. “Fraud is not going away, it will only grow in size, sophistication and speed, making it more difficult for merchants to detect and prevent fraud from damaging their business. That’s why BlueSnap’s strategy in this area is so critical.”
An integral part of the Powered Buy Platform, BlueSnap’s fraud prevention services give merchants the confidence to grow their eCommerce business and to enter new geographic markets worry free.
Want to learn more about our integration with Kount? Talk to one of our conversion consultants: