While e-commerce allows consumers to shop from the comfort of their homes, for retailers, implementing an online presence can often feel like waking up on the wrong side of the bed. As more and more merchants expand beyond their brick and mortar locations into the e-commerce space, customer expectations for a seamless experience (whether online or in store) have reached new heights. With Amazon and other large marketplaces offering new customer-centric services like 1-click payment options and same-day delivery, online businesses must provide a similar degree of service in order to remain competitive.
Sleep Tight, Don’t Let the Fraudsters Bite
As online retailers find new ways to stay competitive and keep customers satisfied, fraudsters are similarly innovating, finding new vulnerabilities in the customer journey to exploit. According to Forter’s Seventh Edition Fraud Attack Index, the total dollar amount of fraud increased by 12% from 2018 to 2019, and fraudsters are finding new ways to reap more value from each attack. Because of the sharp industry focus to stop fraud at the point of transaction, amateur fraudsters are no longer finding success. As a result, more sophisticated fraudsters have shifted their focus to other attack vectors that are more lucrative, such as account takeover or loyalty fraud, attacking less often but with much greater payoffs.
For companies investing in growing their e-commerce business, every dollar of fraud can significantly impact their bottom line, and with more ambitious, sophisticated fraudsters than ever before, remaining competitive in the e-commerce space can feel overwhelming.
Mattress Firm Can Rest Easy with Forter
Mattress Firm, the largest multi-brand mattress retailer, knew that they could no longer treat fraud losses as “the cost of doing business.” Their previous rules-based fraud solution lacked the accuracy needed to distinguish their legitimate customers from the fraudsters, resulting in elevated chargeback rates that significantly cut into their bottom line. When Mattress Firm chose Forter’s fully automated, real-time decisioning platform, they were finally able to rest easy – with a 94% improvement in chargeback rates while actually boosting approval rates.
“We couldn’t be happier with the results Forter’s automated decisioning has provided. Our previous fraud system relied on rules and simply could not keep up with the fluid fraud ecosystem. With Forter, we found our fraud solution,” said Chris Brown, Mattress Firm’s VP of Customer Care & Sales Support.
For more information on how Forter and Mattress Firm worked together to stop fraud, read the full case study here.