With the proliferation of cutting-edge payment methods, AI-infused sales strategies, and the omnipresence of digital wallets, retailers are stepping into an era of unparalleled efficiency. Yet, this very landscape that promises immense growth also harbors pitfalls.
As the e-commerce sector thrives, CNP (Card Not Present) transactions, which have historically been a magnet for fraudsters, are set to surge. As a result, it is imperative for retailers to exercise increased caution. In fact, Juniper Research predicts that the cumulative losses to online payment fraud globally between now and 2027 will exceed $343 billion.
It is also important for retailers to put safeguards into place given the increasing instances of friendly fraud—which is also known as first-party fraud or chargeback abuse—in the retail industry. Friendly fraud occurs when a consumer makes an online purchase only to dispute it with their bank, resulting in costly chargebacks for the retailer. Uncover what you can do to fight chargebacks by talking to an expert today.