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.”
Learn more about cnp fraud prevention...
