Description: J.P. Morgan is sharing six best practices that can help merchants detect and prevent credit and debit card fraud during the busy holiday season and throughout the year.
Warmly welcome holiday sales while freezing out
While fraud prevention should be a merchant priority throughout the year, during the busy holiday shopping season fraud risk grows dramatically – particularly for online and mobile payments.
According to Visa, card-not-present payment volume grew 53% in the fourth quarter of 2018. Unfortunately, card-not-present fraud grew even faster. Here are six things every e-commerce business should do to strengthen fraud defenses during the holiday shopping season — and every day thereafter.
BALANCE SALES AND RISK GOALS
$1 of fraud can cost merchants up to $3.37 to remediate, so protect holiday profits by aligning your revenue and risk objectives.
LEARN FROM LAST YEAR
Were your mobile transactions vulnerable last year? The risk could be even greater this year — particularly for mobile browser transactions.
ANALYZE YOUR CHARGEBACKs
Your chargeback data can help you detect and reduce so-called “friendly fraud” which currently accounts for 26% of total fraud volume.
AUTOMATE SAFEGUARDS
Machine learning and AI can optimize approval rates, boost conversions and quickly isolate orders requiring manual review.
DEPLOY A FRAUD TASK FORCE
Create a dedicated team to focus on speeding manual reviews, resolving false positives and maximizing potential revenue.
TEST YOUR TOOLS
With chip cards securing in-store payments and fraud shifting to e-commerce transactions, verify the effectiveness of online and mobile fraud tools now, to avoid a surprise later.
J.P. Morgan helps our clients detect and prevent card fraud by combining powerful fraud mitigation technology and real-world payment expertise. Our Safetech platform integrates payment analytics and controls to automate fraud detection, reduce manual reviews and safeguard valid transactions. It’s just one of the ways we make it simple to protect, optimize and grow the value of payments.
Ready to talk to fraud mitigation? Let a J.P. Morgan representative assist you.
