We’re all competing in the new digital economy. Customers’ expectations are higher than ever. Businesses are under more pressure to deliver a fast, simple, and safe experience. And fraudsters are diversifying their tactics, looking for inventive new ways to cash out. How can businesses be prepared?
Sift Science commissioned Forrester Consulting to find out more about how organizations are addressing online fraud beyond the realm of simple payments and credit card use cases.
Here are some of the key findings:
Fraud management doesn’t just prevent loss – it also helps you create excellent customer experiences. 70% of organizations reported that customer privacy/safety/satisfaction is affected by fraud and abuse.
Firms are underprepared for the mounting nonpayment fraud threat. Although fraudulent registrations, fake accounts, promo abuse, and account takeover were all highly cited threats, only 62% of businesses prioritize preventing these types of abuse.
Businesses believe their current fraud and abuse tools fall short. 68% said their tools can’t recognize new fraud patterns as they emerge, while 61% said they can’t adjust in real time.
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