With e-Commerce fraud and payment scams on the rise, companies must invest in progressive tools to address the cost of rejecting transactions from legitimate customers.
Vesta's General Manager of Asia Pacific, Shabab Muhaddes shares his thoughts with The Business Times on how to manage the risk of rejecting valid transactions from legitimate customers.
Within Asia, especially Southeast Asia, the rate of attempted fraud is up to 12 times greater than the global average, and online merchants lose an average 1.6% of revenue to direct fraud each year.
In recent months, news on e-Commerce fraud and payment scams have increasingly surfaced, a reflection of two things: the rigorous shift towards digital consumption amid COVID-19, and a new wave of malicious actors exploiting both weaknesses in online platforms and public fears over the pandemic.
"Firms need to optimize their fraud detection and security settings based on extensive knowledge about their audience. This should help improve the success rate of future transactions" - Shabab Muhaddes, General Manager / Regional MD (APAC)