Eight Ways to Balance Revenue and Fraud Mitigation Priorities
With payment fraud on the rise, J.P. Morgan shares eight timely best practices to help merchants avoid, detect and mitigate risk.
The financial impact of fraud on U.S. merchants continues to grow, with the number of attempted and successful fraud attacks on the rise from 2019 to 2020.
Such are the findings of a report from research firm Nexis Lexis who interviewed hundreds of retail and e-commerce executives in the U.S. and Canada. In addition to an increase in fraud attacks, a merchant's costs to remediate an attack increased 7.3% from 2019 to 2020 – now every dollar of fraud is estimated to cost a merchant $3.36.
With these stark statistics as a backdrop, J.P. Morgan's fraud experts share eight best practices for avoiding, detecting and mitigating card-based payment fraud.
JENIFER SMITH, PRODUCT MANAGER, J.P. MORGAN
Jenifer has been in the payments industry for more than 20 years, with the majority of those years dedicated to product management across a range of solutions including reporting, point-of-sale terminals, mobile payment applications and currency services. Most recently at J.P. Morgan, Jenifer has overseen the Safetech encryption and tokenization suite of tools with a focus on maximizing merchant beneﬁts as the digitization of sales channels rapidly accelerates.
Need a turnkey fraud solution? Safetech Fraud Tools delivers.
Using artiﬁcial intelligence and machine learning, our powerful fraud mitigation solution features multi-layer device ﬁngerprinting, proxy piercing, dynamic order linking, dynamic risk scoring, custom rules management and auto-decisioning.
Safetech's Identity Trust Global Network and machine learning algorithms can immediately alert merchants of signs of card testing attacks. Best of all, Safetech can be implemented quickly and rapidly provide e-commerce fraud protection.
To learn more, please contact your J.P. Morgan representative.