Chinese New Year, also known as the Lunar Spring Festival in Asia, celebrates the year of Ox this year. Each year, Chinese New Year is a time for families to be together and enjoy a week off.
For the coming festival, Forter Co-founder and President Liron Damri, Forter CMO Angela Whiteford, and the Forter China team, together with the supporting global team, send Spring Festival wishes from all over the world!
As we say goodbye to the old and welcome in the new, the Forter team recommends merchants also say goodbye to their old fraud prevention systems and hello to a new approach to help them face the challenges they might have this Chinese New Year and beyond.
We have prepared the following tips:
1. Do you still have a manual review team during the festival time? Why not spend a fraud-free holiday together with your family instead?
Spring Festival is a day for people to reunite with their families and enjoy time off. During the Spring Festival, e-commerce orders will not be put on pause. If your team still uses an inefficient manual review system to process risky orders, your team will miss out on the opportunity to spend time with their families. Your time is precious and the time with your family even more so. A fully automated, real-time solution means more of your precious time will be given back to you and not squandered.
2.Use an accurate and real-time risk engine to improve the customer experience
A rules-based system or manual review approach to fraud prevention has disadvantages. High labor and operational costs to keep and maintain these systems cause lost revenue, and these approaches typically also result in delays and high false decline rates. What users care about is to real-time check out experiences, and frictionless and risk-free shopping. During the Spring Festival, with consumer demands higher than usual, manual teams will simply not be able to keep up, seriously impacting the user experience.’
3.The Asian market may be heading for a mini-peak
In Asia, purchasing New Year’s goods at a Spring Market(逛庙会) is one of the traditional customs of this festival. However, during the new norm of COVID conditions, many Asian users will change their traditional habits such as visiting shopping fairs offline but buying on e-commerce websites.
According to Forter data, new users are 5-7x more likely to be falsely declined when buying online than returning users. Merchants therefore require a fraud solution that is able to accurately identify good users from fraudsters, even amid peak periods such as Spring Festival. Without the proper solution in place, merchants stand to lose new customer revenue potential and could experience diminished brand reputation.
Last but not least, Forter wishes all those celebrating an enjoyable festival with family and friends, and a happy and prosperous new year!