Shabab Muhaddes, Vesta's GM of Asia-Pacific, was recently published on iTNews Asia — Singapore's top source for enterprise and technology news.
Global eCommerce is surging, with more businesses relying heavily on digital channels to reach their customers. Along with the increase in eCommerce usage by both retailers and consumers, fraudulent attacks have been on the rise. Bad actors are taking advantage of companies with poor fraud prevention systems, causing a multitude of complications (e.g. chargebacks, false declines, increased transaction processing fees, and more).
Many businesses hold to the unrealistic goal of achieving zero fraud. There is one easy way to accomplish that: decline all transactions despite insufficient data to justify otherwise. But if merchants intend to build a profitable business, fraud prevention cannot come at the cost of suppressing revenue and alienating potential customers.
In this article published on iTNews Asia, Shabab Muhaddes discusses the true cost of declining legitimate transactions (false declines) and how merchants can mitigate fraud without turning away good customers.
Here's what you can expect to learn:
The current state of eCommerce fraud
Why false declines are so costly for online merchants
The steps merchants can take to mitigate fraud risks