This post is from X-Payments blog announcing our new partnership. Written by Anna Shvetsova.
We are pleased to announce the release of X-Payments 3.0.2. This time, we’ve added only one but very important and in-demand feature — NoFraud. As you’ve definitely guessed, this is the tool to help you fight fraud more effectively and easily.
Why Think of Fraud Prevention?
According to LexisNexis True Cost of Fraud study 2016, fraud cost retailers 32 Billion in the U.S. alone! Fraud attempts are up to 33% this year with 46% getting through existing fraud prevention tools. With EMV Chip technology adoption in the U.S., eCommerce fraud is expected to soar as it did in the UK (50%) & Australia (79%) On the other hand, 1.5% of legitimate transactions rejected due to overzealous fraud prevention. (more…)
Below is a guest post from one of our partners, Rand Marketing:
To experts in the Magento e-commerce platform, the release of Magento 2.0 has been a bittersweet experience. We’re all very excited to see the evolution of Magento, especially after waiting so long for this new version to be released. On the other hand, adoption has been a very slow process, and Magento 1.9.2.x is still the recommended version for most developers.
In November, I wrote a piece about the official deployment of Magento 2.0 officially being made available for public consumption. In March, I wrote another article about Magento 2.0 building up steam, and getting closer to being useful for the mainstream. In April, shortly after this year’s Magento Imagine conference, EyeMagine, posted that “Specifically, there are over 1,000 open known issues in the Magento 2 codebase, as of writing this article. (more…)
Customers want a secure, fast, uninterrupted online shopping experience (thanks Amazon!). Merchants want to accept as many sales they receive yet are apprehensive about fraud. This fear motivates them to place a large percentage of order on hold for manual review.
Many eCommerce businesses have in-house solutions that monitor each transaction with the tools purchased from third party vendors. With these solutions, each order is given a score based on the data received. (more…)
One of the biggest decisions for a merchant is whether to go with a third-party fraud solution or to build one internally. A panel of fraud experts from 11 Main, Career Builder, The Source and New Balance shared their experiences and answered audience questions on Day 2 of the 2016 CNP Expo in Orlando, Fla.
An in-house solution is customized for your business and most likely will not incur an incremental cost per transaction. However, panelists noted, there can be technical expenses and resource shortages caused by continually reviewing rules and managing the system. And, as one panelist mentioned, they experienced high manual review rates when relying on an in-house solution. (more…)
According to CyberSource’s 2016 Fraud Benchmark report, companies allot most of their fraud funds to the manual review process. Of those manually reviewed, 82% transactions are approved. Because of the high acceptance rate of manually reviewed orders, companies are tightening their screening process to decrease that number in hopes of cutting costs and accepting more legitimate orders in real-time. (more…)
In a recent study conducted by Juniper Research, they found that CNP (Card Not Present) fraud will significantly increase to more than double by 2020. They attributed this jump to the implementation of the EMV chip in brick and mortar stores, which has already caused fraudulent activity to shift online by 11% since October. Because of the higher security the chip provides, fraudsters have been less inclined to focus on brick and mortar and they shifted their efforts to online.
This shift has major online retailers tightening security by integrating proactive fraud prevention solutions to thwart off fraudulent activity and reduce the risk targeting their business. And although fraud tactics perpetually change, solutions like NoFraud are developed to detect the latest behavioral trends among fraudsters to stay one step ahead and reduce fraud significantly. Major retailers using these solutions have succeeded in reducing their fraud rate.
Read the full article here: SC Magazine.
Battling eCommerce credit card fraud can be an incredibly time consuming, often frustrating, endeavor. Many companies have dedicated staff or entire fraud departments focused on reducing fraud. Often, the cost of running a fraud-prevention campaign can be more costly than the losses incurred by fraud. A successful anti-fraud solution targets the cost of fraud rather than fraud itself.
To calculate the true cost of fraud, all the contributors warrant consideration. The easiest one to assess is chargebacks, the value of stolen merchandise. Equally costly, however, is revenue lost due to false positives. (more…)
When Ezzie Schaffran, chief operating officer of Certified Watch Store, approached us last August, his site, CertifiedWatchStore.com, was using a hodgepodge of outside and in-house security measures to catch payment fraud.
Schaffran has a long history of fighting online payment fraud, having served as COO of jewelry e-retailer Ice.com. He considered a crop of vendors offering transaction insurance for CertifiedWatchStore.com, but says he found the fees, which ranged from 0.5% to 3% of the transaction value, higher than he thought practical. (more…)
In 2014, eCommerce fraud cost US retailers 32 billion dollars (LexisNexis true Cost of Fraud Study 2015). That amount soared 11% as fraudsters refocus their efforts on eCommerce enterprises since the implementation of EMV chip technology that makes brick and mortar store transactions more secure. Unfortunately, as fraud prevention methods get more sophisticated, so do the fraudsters. As seasoned fraud prevention experts, NoFraud is at the forefront of battling fraud and would like to share the following tips to help you secure your eCommerce transactions. (more…)