How Online Retailer Jane Is Keeping Fraud Out of Fast Fashion

Over the last decade, eCommerce has exploded in popularity and received a considerable boost in the past two years due to the pandemic shutting down brick-and-mortar retailers around the world. Experts estimate that U.S. consumers alone spent more than $933 billion at eTailers in 2021, and this number is only expected to increase as businesses expand online. However, an increased digital presence means increased digital fraud. Each customer shopping online represents a potential entry point for a bad actor to steal customers’ or corporates’ data or funds. eTailers are pulling out all the stops to keep this fraud to a minimum, with several digital identity protocols to verify that customers are who they say they are. One of the most effective ways to prevent identity fraud for eCommerce marketplaces is multifactor authentication (MFA), which works by requiring more than one identifying detail when logging in or making a purchase.

This method can be unpopular among companies and consumers, however. Studies have found that many consumers decline this extra step if it is optional or will even patronize a different eTailer if they face too much friction at the checkout. Studies also found that using MFA can prevent more than 99.9% of attacks that rely on stolen credentials. However, the savings involved in preventing data breaches, fraudulent purchases and lost customer loyalty could more than make up for any customer hesitancy. It will be up to each business and consumer if the convenience sacrifice is worth it.

In the latest Alternative Payments Tracker ® , PYMNTS examines how fraudsters attempt to scam eCommerce marketplaces and customers and how digital identity systems can help eTailers reduce fraud without introducing frictions into the customer experience.

Around the Alternative Payments Space

Two-factor authentication, which consists of users logging into online services with a password and […]

Click here to view original web page at www.pymnts.com

On y est presque!
À quelle adresse dois-je vous envoyer le Guide?