What does it take to be a fraud management leader? Cybersource asked 2,800 fraud specialists from small, mid-market and enterprise-level organizations in 34 countries on five continents.
Their responses are available in the Masters of Balance 2019 Global eCommerce Fraud Management Report, a comprehensive study showing organizations that “balance” good customer experiences with effective fraud management strategies and efficient management of operational costs are segment leaders.
Keeping fraudsters at bay while maintaining a steady flow of successful digital transactions and good customer experiences is no easy task. More security can mean more steps for the customer, more forms to fill out and questions to answer. One negative experience, one declined legitimate transaction may be all it takes to break a customer’s trust and lose that revenue opportunity.
This year’s research examines the characteristics of the leaders and statistical differences that identify them as “Masters of Balance” to manage fraud. Only 18 percent of the survey respondents are in this group.
Key characteristics of fraud management leaders
- Their chargeback rates are four times lower than other respondents
- They are 2.5x more likely to rate eCommerce fraud management as “extremely important” to their organization’s business strategy
- They have a significantly greater range of capabilities to respond faster to the dynamic landscape
- They are less likely to conduct costly manual reviews of suspicious orders