Lack of Fraud Prevention Online Causing Consumer Fear

  • Fraud Prevention, Identity Theft

One of the worst things to ever happen to brick and mortar stores was the Internet, and one of the worst things to happen to Internet was ID theft. As our shopping carts have transformed into a little icon in the upper right hand corner of a website, our lives as consumers have gotten a lot easier. Thats not to say this convenience doesnt come with its headaches.

Online shopping poses an increased chance of Identity theft that makes consumers uneasy. More than half of the participants surveyed in a Consumer Payment Poll, admitted to abandoning a purchase at the checkout due to rising concerns about sharing personal data. Some of these concerns also involve the sharing of personal information for other uses such as junk mail or reselling. This is bad news for e-commerce.

While mobile payments (m-commerce) are quickly on the rise, not everyone is ready for it. So, what can the e-commerce industry do to remain relevant? By increasing their fraud prevention efforts, companies can help relieve some of these consumers woes. One of the most important additions to companys fraud prevention measures is the use of Knowledge Base Authentication (KBA). This will help to secure a persons identity online because it ensures that someone is who they claim to be. Some fraud prevention solution providers, including EVS, use real time transactions that never store a consumers information. This guarantees that the personal information is not reused or resold.

So, help relieve your consumers worried minds and look into a more in depth fraud prevention solution. Happy shopping!