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Industry roundup: 13 October

ACI eCommerce Fraud Index 2021 – reveals winning formula for merchants to tackle fraud

ACI’s annual review of fraud worldwide - see - showed that the payments industry as a whole saw a tremendous acceleration in digital transformation, experiencing a tripling in demand for online purchases. The eCommerce market value exceeded $10 trillion in 20202, while eRetail sales accounted for 18% of all retail sales worldwide.

The key findings were:

  • An analysis of 100s of millions of transactions derived from ACI’s global customer network reveals 27% growth in eCommerce volume transactions in Q1 2021, with another 5% growth in Q2 2021
  • Mobile fraud increased by 1.22% in H1 2020 and 1.32 % in H1 2021; the buy online pick-up in-store (BOPIS) channel saw a 7% fraud attempt rate in H1 2020 (compared to 4.6% for other channels)
  • Gaming and telco experience the highest fraud attempt rates in H1 2021 while fraud attempt rates in other sectors are declining.

The winning formula for merchants to better tackle identity fraud, chargebacks and false positives

Investing in AI to improve the performance of machine learning models is important, but it does not replace the expertise of a human fraud analyst.

Combating today’s increasingly sophisticated and growing fraud threats relies on a superior combination of multi-layered fraud prevention backed by cutting-edge adaptive machine learning and expert payment optimization analysts. Merchants also need:

  • added security for emerging payments and delivery channels
  • scaling up to deliver end-to-end prevention.

ACI Worldwide - who support more than 80,000 merchants globally, directly and through PSPs -  recommend a multi-layered approach to POS fraud management:

Source & Copyright©2021 – ACI Worldwide 

Future growth

ACI recommend that to best support business growth in 2021 and beyond, merchants need to:

  • keep investing in digital transformation to gain agility and flexibility across all payment channels
  • stay ahead by deploying fraud management designed to evolve as threats emerge and new payment types come online
  • use smarter, faster and more sophisticated fraud management solutions which can accelerate cross-border / international expansion.
  • achieve industry exceed acceptance rates with little to no friction at the lowest operational costs.

 

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(For more information, see: https://www.thesuccessfulmanager.com/ )

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