Payment Security: the New #1 Priority
- Posted by Karine Regev
- Apr 6, 2015
- 2 min read
eCommerce web sites compete with one another over price and user-experience. Since it is very hard to differentiate on user experience (most web sites offer a similar experience) price becomes king for online retailers. Assuming most web sites wholesale purchase price is almost identical, the only real way to provide a competitive price to sale margins is on the chargebacks rates, that range between 0.7%-0.4%.
Therefore, fraud reduction represents the biggest opportunity for online retailers to become competitive. In a recent survey conducted by Boston Retail Partners, 63% of retailers indicated protecting their e-commerce site is the number one priority.
http://bostonretailpartners.com/wp-content/uploads/2015/02/2015-POS-Customer-Engagement-Survey-022515.pdf)
On a related note -
For those of you who missed the news, we just got back from Vegas where we won the Merchant Risk Council Emerging Technology Award. Needless to say that we are very excited about it.
It is no secret that the eCommerce market is of great interest to us but we were very pleased to find out that at the same time retailers view our solution as a new and effective way to fight fraud and bit the competition.
With BioCatch they can improve their current checkout risk analysis tools/processes through:
1. Detailed, field-level, user interaction data they had no access to before.
2. Machine-learning based scores for user behaviors that are indicative of fraud
3. The Biocatch analysts tool enabling them to optimize rule setting and balance between fraud detection rates and false positives
So no wonder e-commerce suppliers voted BioCatch as winner last week. BioCatch provides the retails with insights that can help them distinguish between a genuine customer and a fraudster. And we do it without even talking to the customer. You can call it magic. We call it behavioral biometrics.
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