But fraud prevention can’t be a “when we have time” activity, especially in today’s post-pandemic ecommerce environment
Online shopping has increased to the tune of $900 billion more in spending, with about 30% of that growth continuing to stay strong or increase.
And with more transactions come more fraud attempts: Experts predict online payment fraud will cost small businesses more than $206 billion cumulatively between 2021 and 2025.
This puts most small ecommerce businesses in a tight spot:
- If they ignore ecommerce fraud, they risk their revenue, their merchant account and their business reputation.
- If they try to handle it in-house, they’re taking time and resources away from other, more strategic business activities.
- And if they turn their fraud filters up to 11 and call it a day? They risk a trail of angry would-be customers. False declines are a big no-no among consumers: 40% of customers won’t shop with you again if their transaction is declined, and 34% will take their beef to social media.
To effectively fight fraud, you need to understand ecommerce fraud, how it affects small business, the prevention steps you can take and what steps will work best for your business.
When it comes to choosing a fraud prevention solution, the variety of options can make you feel like you’re comparing apples to oranges. That’s why we created this guide — to help you take the right steps to protect your business, your profits and your reputation.
