Voice of the Industry

Three keys to protect and scale ecommerce in 2021

Tuesday 19 January 2021 08:12 CET | Editor: Alex Guzu | Voice of the industry

Rich L. Stuppy from Kount shares his advice on scaling ecommerce in 2021, with a focus on protecting new revenue channels, earning repeat customers, and levelling up fraud protection

The events of 2020 have permanently altered the way customers engage with businesses. Looking to 2021 and beyond, digital businesses must adapt, expand, and innovate to stay relevant and profitable in the new environment. For ecommerce businesses, it will become even more critical to enable new revenue channels, protect against chargebacks and fraud, and enhance the entire customer journey. Understanding identity trust, or the level of trust or risk behind every interaction, is key to scaling in these three key areas.

Innovate and protect new revenue channels to pace with digital acceleration

In the past year, consumers have embraced new digital channels more than ever before, including mobile order ahead, Buy Online, Pick Up in Store (BOPIS), curbside pickup, and similar models. While some shoppers may be back to browsing the shelves in store, many still count on contactless methods, and no matter their preference, consumers will expect these offerings to continue to be offered into the future.

Successful BOPIS (or Buy Online, Pick Up Curbside, or any other of similar acronyms), requires timely processing and minimal customer interaction. There is little to no time for manual review of an order, and additionally, this model also accelerates card-not-present (CNP) payment transactions, which shifts the liability to merchants. Even just sitting in their cars in the parking lot, a few yards away from the traditional point-of-sale, shoppers are making their orders online, making it a CNP interaction.

With these changes, businesses are tasked with balancing digital fraud protection measures with customer friction to ensure all channels are adequately protected. There are several points along the customer journey where businesses can monitor and assess risk, as well as validate the customer making the purchase. Kount’s AI-driven fraud prevention coupled with the Identity Trust Global Network and its highly customisable platform enable businesses to protect and grow this channel in a way that is seamless to their good customers.

Level up fraud protection by establishing the level of identity trust behind every interaction

With the increase in ecommerce, fraud and chargebacks inevitably follow. Fraudsters go where the money and data are, and they know digital experiences are a prime opportunity.

It’s not enough just to stop bad transactions – businesses must also maximise revenue and approve as many good orders as possible, as quickly as possible. That requires establishing Identity Trust – the level of trust or risk for each identity behind every payment, account creation, or login event. Real-time identity trust recognition allows businesses to personalise customer experiences across the spectrum of identity trust – from frictionless VIP experiences to blocking fraud.

By linking signal data from 32 billion annual interactions across 250 countries and territories, 75+ industries, 50+ payment processors and card networks, and decisions from thousands of fraud analysts, Kount’s Identity Trust Global Network blocks payments and account takeover fraud in real time, and enables personalised customer experiences.

By having a deep data set, Kount’s AI provides visibility and intelligence far beyond the limited data available to a single company or industry. The results are immediate, including low false positives, high automation, low manual reviews, personalised customer experiences, and frictionless customer interactions – all of which grow revenue, especially during this period of digital acceleration.

Earn repeat customers and protect the brand by detecting bot attacks at any point in the customer journey

Digital innovation means businesses are introducing new ecommerce experiences, channels, and offerings. Each of these points offers an opportunity to deliver exceptional experiences to good consumers – ideally creating loyal, repeat customers. On the other hand, each of these points on the customer journey introduces risk and potential for fraud and malicious bots, which look to exploit any vulnerability to steal payment information, stored valued, personal information, and more.

From account creation, to login, to payment interaction, businesses need to implement adaptive protection to stop malicious bots, allow desirable bots, and quickly analyse, classify, and adapt policies towards new and questionable bots.

Kount’s complete view of the customer journey allows it to establish a baseline of normal behaviour, and then to quickly identify abnormal, high risk behaviour. By expanding bot prevention and detection from checkout to earlier points in the customer workflow, Kount offers an advantage that is critical to mitigating the cost of bot attacks on business and customers, as bots can attack multiple points in the digital journey.

This editorial was published in the Fraud Prevention in Ecommerce Report 2020/2021, the go-to source in securing transactions while offering a frictionless customer journey.

About Rich L. Stuppy

For more than a decade Rich Stuppy has been involved in developing fraud mitigation, compliance, and big data strategies. In his role as Chief Customer Experience Officer, Rich is responsible for client success, data analytics, and ensuring Kount’s users have the best customer experience. Collaborating directly with customers, he works to inform Kount’s product roadmap, identify new and emerging threats, and drive innovation for ultimate customer satisfaction.


About Kount

Kount’s Identity Trust Global Network delivers real-time fraud prevention and account protection, and enables personalised customer experiences for more than 9,000 leading brands and payment providers. Linked by Kount’s award-winning AI, the Identity Trust Global Network analyses signals from 32 billion annual interactions to personalise user experiences across the spectrum of trust — from frictionless experiences to blocking fraud. Quick and accurate identity trust decisions deliver safe payment, account creation, and login events while reducing digital fraud, chargebacks, false positives, and manual reviews.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Kount, fraud, machine learning, behaviour biometrics, data, chargebacks, fraudulent transactions, merchants, fraud management, CNP
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions