March 2012 Integrated Solutions For Retailers
By Walter Gallocher, TeleSign
Implementing tougher verification standards using phones can reduce fraud and protect both the retailer and the consumer.
Global online sales have enjoyed double digit growth the past few years, with total transactions projected to top $210B in 2012. Unfortunately, with the massive growth in e-commerce also comes a corresponding growth in associated cybercrime.
E-retailers normally respond to the threat of fraud with tighter transaction review. According to CyberSource, manual transaction intervention and review rates can run as high as 15% to 25% with an average 5% final order rejection rate.