There is no “one-size-fits-all” fraud prevention strategy, and consumers often see some of the same security measures on the sites and apps they use. However, 61 percent of consumers believe that companies with access to their personal data are responsible for avoiding fraud, and 90 percent are concerned they will be a victim of fraud in the future.
Consumers often see fraud prevention in the form of:
A lot of websites use CAPTCHAs, like the “I’m not a robot” prompt when we’re creating an account or filling out a form. CAPTCHAs block bots from filling out sign-up and contact forms during checkout. However, CAPTCHAs that require...
CAPTCHAs, 2FA, and KYC are security measures customers can see. But what does mitigating fraud look like behind the scenes?
In the background, digital platforms use any number of tools and technologies to prevent fraud. Those tools could include machine learning, rules-based fraud models, and identity verification APIs. Online businesses use many of the same tools and technologies, but they use different approaches when it comes to fraud decisions. For example, some companies have systems that make fraud decisions after authorization (post-auth) instead of before authorization (pre-auth).
Many Sites Use Post-Auth Fraud Decisioning
Consumers are usually unaware of the fraud prevention tools running in the background before and after checkout, but notice if...
By Janet Wagner
The number of consumers who are aware of large-scale fraud attacks and massive data breaches is growing. Thirty-seven percent of consumers surveyed said they have had their identity stolen or had been a victim of fraud, and 90 percent worry that they will be a victim of fraud in the future.
When it comes to user experience (UX), fraud is changing consumer expectations worldwide. Consumers in every country want fast, frictionless, and secure digital experiences. But the level of security and overall experience users expect from digital platforms differ from country to country.
UX Expectations Depend on...
By Janet Wagner
Every platform with users has an onboarding process. What that process looks like depends on many factors, including the company industry, company location, and fraud prevention tools used throughout sign-up. Consumers don’t want to go through a lot of hoops or have to wait long to use a digital platform. In fact, 73% of digital platform users think that when registering for an account, the process should happen instantaneously. And when consumers have experienced frustration using a digital platform, 66% did not go through with opening an account on at least one occasion.
Account sign-up is often the first stop for fraudsters, so companies with digital platforms must implement security measures for new users. But digital platforms need to strike a healthy balance between fraud prevention and user experience (UX), especially at sign-up.
Balance fraud prevention and UX at sign-up with these tools...