As ecommerce surges, online fraud is rising too. Do you know how to protect your business and customers from the cost of fraud?
On Thursday September 23, at 12pm GMT, Opayo is hosting a virtual roundtable: Fraud & Changing Threats to Retailers. Hosted by cybercrime specialist and journalist Geoff White, the roundtable features experts in both fraud and ecommerce, ACI Worldwide’s Amanda Mickleburgh, Opayo’s Tali Scott, Elavon’s Candice Pressinger and BigCommerce’s Deepak Anand. It’s an opportunity for businesses to learn how fraud is evolving, and how to maximise the growth of their online business, whilst safeguarding their business and customers from fraud.
To register for free for our roundtable, held in partnership with BigCommerce and ACI Worldwide, click here. Or read on to discover what we learned when we polled businesses to ask how prepared they are for dealing with today’s increasingly sophisticated online fraudsters...
Our polls were answered by 6410 people across Twitter and LinkedIn. We started by asking about priorities for businesses today. In the top spot on Twitter – gathering 43.2% of the vote – was the pressing need for cash flow management. This was echoed in the LinkedIn results, which saw 56% of people agree that cash flow was their biggest concern, outstripping fraud prevention, the need to make online payments easier and ensuring SCA compliance.
These results suggest that in the wake of the pandemic, the biggest issue for merchants is getting back on their feet, rather than opening up securely. That’s a policy that could prove costly in the face of cybercrime: a concern that’s amplified by the answers to our next question – who is responsible for monitoring fraud in your organisation?
On Twitter, 35.4% of respondents said no one. So did 15% of people of LinkedIn.
There is good news to take from that statistic. The majority of businesses do have people in place with responsibility for monitoring fraud: in most cases the business owner or a fraud/security manager. Nonetheless, this represents nearly 460 businesses who say that no one in their company is looking out for this rapidly growing threat.
The need to build resilience
Businesses have faced multiple challenges over recent years, and they’ve responded to those challenges with agility and innovation. But coming out of the pandemic, only around half of the businesses we spoke to feel that their efforts have made them more resilient.
With many businesses opening up or expanding online, one potential reason for the muted resilience is that increasing their ecommerce activities may have opened them up to more vulnerabilities. When we asked if businesses felt that they had the right measures in place to cope with fraud attacks, only 40% of LinkedIn respondents said yes. This dropped to just 28% of Twitter respondents.
At Opayo, we’re here to support small businesses to open up, today and tomorrow. Our roundtable is an opportunity for you to gain best practice advice and practical tips on how to minimise the threat of fraud and enjoy effective, secure, online retail growth.
Fraud & Changing Threats to Retailers Roundtable: Sign up
What fraud is and the real cost to business
The changing landscape of online payments fraud
How to distinguish real fraud from genuine transactions and the signs to look out for
What you need to do to be SCA compliant.
How to balance customer experience with security and fraud prevention
Practical approaches for protecting your business and customer data.
Future proofing against fraud
Join us online on Thursday September 23 at 12pm GMT. Register here for free.