Managing Fraud Risk During the eCommerce Boom
On this episode of Next Level Commerce, a FreedomPay podcast, Forter CMO Angela Whiteford joined host Daniel Litwin to explore how retailers everywhere are working to address growing security concerns cropping up in the wake of a COVID-driven eCommerce explosion.
Because so many consumers are looking to interact with brands and make purchases online, a corresponding number of “doors” to potential fraud and security risk have also been opened.
It’s not quite as simple as locking those doors, however. If, in the effort to secure their network and transactions at scale, retailers “over-protect” their business interests, new customers might also be turned away inadvertently.
Forter’s mission is to deliver highly accurate and fully automated fraud prevention in real time that help retailers navigate that tricky balancing act. Forter knows that transaction fraud, account takeover attacks and policy abuse, which refers to consumers who abuse return or promotional policies, are all unique angles of attack that retailers need to be aware of.
“We work with merchants across the globe, and those merchants create a data network,” Whiteford said. “That information feeds into that network, and we use all of that information … to get a really good understanding of what fraudsters and fraudulent behavior look like.”
Forter also uses that data to learn what legitimate behavior looks like, empowering retailers to engage in that aforementioned highly accurate protection.
FreedomPay will host a live roundtable discussion on this issue and many others facing retailers as the world continues to reckon with the impact of COVID-19. You can register at https://marketscale.brand.live/c/american-economic-recovery, then tune in Oct. 29 at 2 p.m. CT to hear insights from the industry’s leading experts.
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