As real-time payments set a new gold standard for transaction convenience, customers are more empowered than ever before by an expanding choice of payment methods and channels (buy online, ship to home, ship to store, buy at store and ship home, etc.). Parallel to this rise, however, is the demand for faster order fulfillment, and the combination of the two brings about more fraud risk challenges, both online and in-store.
Management of Chargebacks is no easy or inexpensive feat; thus, we’re seeing the demand for interoperable fraud detection reach critical mass at the point of customer payments. As an indicator of this concern, ACI’s “2018 Global Payments Insight” survey found that 61 percent of merchants believe they’re at greater risk of a data breach than a year ago, while 22 percent of merchants have experienced data theft in the last year alone.