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As the 2011 holiday season draws to a close statistics show that three days before Christmas there was a 15% increase in holiday spending. This is a great sign for the economy, however, not necessarily for the Merchants.
Fraud is still a factor in gross sales and although fraudulent transactions are down, savvy fraudsters are costing retailers more per transaction. Now, more than ever, fraudsters are buying higher ticket items and services through E-commerce and mobile transactions.
According to a study published by LexisNexis and conducted by Javelin Strategy & Research in 2011 for every $100 a consumer spends the Merchant incurs a true cost of $230.
To combat losses caused by fraud, Merchants should remain vigilant and stay informed about fraud trends. This information can be invaluable when developing a strategy to build a suite of fraud prevention solutions.
Affordable technologies are available for Merchants to employ. Many verification companies offer real-time Identity Verification with or without KBA Challenge Questions and 2-Factor Out-of-Band Authentication Solutions to help combat the growing costs of fraud.
Looking forward to 2012 the New Year presents a fresh opportunity for Merchants to review vulnerabilities, prepare fraud prevention technologies and enforce programs to help prevent identity theft for the future of the Merchant's business growth and success.
Comments of the author do not reflect opinions of organizations listed in this article.
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As the 2011 holiday season draws to a close statistics show that there was an increase in holiday spending. This is a great sign for the economy, however, not necessarily for the Merchants.
Their show of courage has become contagious and voices throughout our world are speaking out.
Merchants should develop a strategy for a balanced arsenal of Fraud Prevention Tools to build an ecommerce fortress...