Eliminate Friction by Investing in the Right Fraud Prevention Tools: Report

Eliminate Friction by Investing in the Right Fraud Prevention Tools: Report

January 31, 2019

Online businesses are wasting valuable resources investing in “status quo fraud prevention methods,” according to a newly published survey from Sift.

Coinciding with an announcement that it has rebranded from Sift Science, the San Francisco-based antifraud technology company released a report revealing the results of a study in which it surveyed 500 professionals across North America whose responsibilities include fraud, risk, mobile or e-commerce operations and strategy.

The study, Digital Trust & Safety: Aligning Security and Growth Strategies, revealed that while some online businesses are making the critical shift towards fraud prevention, many e-commerce businesses have yet to effectively address the rapidly deteriorating fraud climate.

Online businesses have a lot at stake, which leaves them little room for error when it comes to delivering a positive online experience for customers. Still, the report evidences that risk is the ultimate bottom line for e-commerce. 

“Businesses are spending more money on fraud prevention tools and fraud-focused employees than the previous year (69 percent), but are not meeting their goal (64 percent) to stay ahead of fraud patterns,” according to a media release.

In addition, “Fraud prevention is creating friction for businesses, though frictionless CX is a priority: 77 percent state delivering a frictionless customer experience is a top business priority. However, 58 percent say that existing fraud prevention programs are creating friction or blocking good users.”

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Kacy Zurkus