With hundreds of millions of financial transactions happening online at any given time, how can we ensure that the internet remains a safe place for shoppers around the world? Forter CMO Angela Whiteford sat down with BFM Malaysia, an independent radio station focused on business news and current affairs, to discuss how the right fraud prevention solution can help bring trust back into e-commerce.
Data is King
In the podcast, Whiteford notes that to be able to decipher legitimate buying behaviors from fraudulent activities, access to data is critical. While most merchants don’t process a large enough quantity of transactions or take into account touch points across the buyer’s journey, there is strength in numbers. When a platform aggregates data from hundreds of merchants, across all industries and regions, merchants can better understand the context behind the transaction and the behavior of the buyers themselves. For example, Forter processes over $150 billion in annualized e-commerce transactions, and with this immense volume of insights into how buyers behave, Forter recognizes 96% of the 220 million people who shop online in North America. And everyday, Forter’s footprint is increasing in Asia Pacific as well.
The Customer Comes First
The other important aspect that Whiteford mentions about fraud prevention is that it’s really about promoting a seamless experience for legitimate buyers rather than putting up barriers to block bad actors. She notes that of all transactions that are declined, 50-70% of them are actually legitimate, which means merchants are not only losing revenue, but they’re also losing the loyalty and lifetime value (LTV) of customers who’ve been falsely declined. Instead of focusing on the fraudsters, fraud solutions need to focus on the customers. They must understand their behaviors and motivations, and give them the most seamless experience possible.
Check out the full podcast here for more insights into how the right fraud prevention platform can make global commerce safer and easier for all consumers to buy online.