Cybersource viewpoints – payments industry blog easy ways to make quick money

Fraud management is a balancing act…of balancing acts. As a business, you must weigh customer expectations of a seamless shopping experience easy ways to make quick money against the need to protect yourself and your customers from easy ways to make quick money fraud. You also have to minimize fraud losses without being so easy ways to make quick money cautious that you end up sacrificing revenue due to false easy ways to make quick money positives. And of course, you have to juggle all of these considerations while keeping easy ways to make quick money operating costs as low as possible.

Overall, businesses are succeeding in containing direct fraud loss (i.E. Chargebacks, credits issued due to fraud), and fraud losses have stabilized over the past few years easy ways to make quick money at just under 1 percent of total revenue 1,2. With the overall loss rate holding steady, now is a good time to focus on optimizing your easy ways to make quick money fraud management processes and reducing indirect fraud losses, such as revenue lost due to false positives or higher easy ways to make quick money operating costs associated with more manual review of orders.

How do you make progress against indirect fraud losses? Where do you even start? It’s not like you can just press a button that easy ways to make quick money says “reduce false positives”. Optimizing your fraud screening process is more like stepping into easy ways to make quick money a control room packed with levers. Which ones should you pull? Which ones should you leave alone? Are some combinations better than others?

So how do you determine which tools to use, and how to configure them? It may seem like a shot in the dark, but it doesn’t have to be. Our decision manager platform includes the industry’s first fraud tuning analytics tool, decision manager replay. With decision manager replay, you can test different rule sets against historical data to easy ways to make quick money better optimize your screening models. This is a great way to better understand the interplay easy ways to make quick money between different rules, and the impact different combinations can have on your fraud easy ways to make quick money management efforts.

Once your automatic screening models are optimized to keep direct easy ways to make quick money fraud losses in check while minimizing false positives, you can further fine tune them to reduce the number easy ways to make quick money of orders going to manual review. In some cases, human oversight is critical, but it’s also costly, and if you’re manually reviewing too many orders, it can be inefficient and quickly consume a large part easy ways to make quick money of your fraud management budget.

Just how big of an issue is this over-reliance on manual review? Well, 79 percent of respondent businesses from the US and canada easy ways to make quick money reported that they conduct manual reviews, and on average, they manually review 25 percent of all orders. Of those, fully 89 percent end up being accepted. That’s a clear indication that more orders are being reviewed easy ways to make quick money than necessary. Clearly, there’s still plenty of room for optimization 1.

Brick-and-mortar purchases may still account for the overwhelming majority of easy ways to make quick money total retail sales, but there is no question that ecommerce has emerged as easy ways to make quick money the true engine for retail growth. In the first half of 2017, while physical sales grew by less than 3 percent, ecommerce sales increased by 16 percent, according to the united states census bureau 1.

What’s driving this growth? Well, a little bit of everything. New shoppers continue to feel more comfortable shopping online and easy ways to make quick money in doing so increase transaction volume and put more into easy ways to make quick money their online shopping carts. New online business models are also driving growth in ecommerce. In fact, total U.S. ECommerce sales are expected to grow by a whopping 64 easy ways to make quick money percent from 2016 to 2020, advancing from $385 billion 1 to $632 billion 2.

Mobile commerce is also driving ecommerce growth, providing consumers the ability to purchase anytime and anywhere. According to our 2017 north american online fraud benchmark report, mobile commerce sales increased from 25 percent of total online easy ways to make quick money sales in 2014 to 33 percent in 2016 3. As mobile channels become more convenient – thanks to factors such as digital wallets, one-click checkout, connected devices that make up part of the internet of easy ways to make quick money things (iot) and more robust and secure mobile networks – mobile commerce has taken off like a rocket. BI intelligence forecasts that mobile commerce could come to account easy ways to make quick money for nearly half of all ecommerce sales by 2020 2.

While the growth in ecommerce sales has been great for easy ways to make quick money retailers, it’s been accompanied by a corresponding rise in online fraud. According to experian, U.S. ECommerce fraud rates jumped by 33 percent in 2016 4. Fortunately, despite that increase, overall fraud loss rates have remained essentially flat, at 0.9 percent in 2016 compared to 0.8 percent in 2015, as reported in our 2017 and 2016 north american fraud easy ways to make quick money benchmark reports 3,5.

Furthermore, overbearing fraud prevention policies can cost your business significant revenue. False positives lead to immediate lost sales, as well as a longer-term drag on loyalty and retention. According to javelin strategy, 30 percent of ecommerce shoppers stop returning to a merchant easy ways to make quick money altogether following a false positive and order rejection. An additional 36 percent make fewer purchases than they had easy ways to make quick money before the rejection 6.

A fraud management solution should provide automated fraud processes powered easy ways to make quick money by data intelligence, as well as rules you can manually tune to better easy ways to make quick money suit your business or adapt to changing fraud patterns. Ideally, such rules optimization will also feature back-test capabilities that let you game out different strategies on easy ways to make quick money past transactions before you deploy them.

What sets cybersource apart? First, the extent of our data intelligence network. Our decision manager platform leverages to draw on the more easy ways to make quick money than 68 billion transactions processed annually by visa and cybersource. To this massive dataset, we apply advanced machine learning algorithms to find cause-and-effect relationships, and detect nonintuitive patterns, allowing us to extract and constantly update valuable insights to easy ways to make quick money improve transaction analysis and verification. Furthermore, our rules-based engine helps ensure that you are the ultimate decision easy ways to make quick money maker, with the flexibility to set and adjust rules at any easy ways to make quick money time, then easily see what rules were triggered in any decision. Merchants can draw on standard rules and risk models, or customize their own, based on more than 260 fraud detectors, including device fingerprinting and IP geolocation.

With smartphone-enabled digital payment services becoming increasingly popular around the world, the traditional landscape of the consumer payments market is changing easy ways to make quick money more rapidly than ever. This white paper from newzoo and cybersource offers insights into easy ways to make quick money how gamers and millennials are driving this change in many easy ways to make quick money countries around the world, and what merchants can do to engage and retain these easy ways to make quick money valuable and actively mobile audiences. The research in this whitepaper comes from one of the easy ways to make quick money most comprehensive studies of payment preferences and behavior on a easy ways to make quick money global scale, involving 25,000 respondents in 19 countries.

As smartphones assume a more central role in the lives easy ways to make quick money of consumers everywhere, the mobile app market continues to expand, bringing with it an entirely new set of alternatives to easy ways to make quick money the traditional payment methods. No longer limited to carrying cash or bank cards, the prevalence of mobile apps and mobile wallets such as easy ways to make quick money apple pay, android pay, paypal, visa checkout, wechat pay, alipay and others around the world have caused a shift easy ways to make quick money in the way consumers think about making purchases. At the forefront steering this shift are two groups: gamers and millennials (consumers aged 18 to 35).

These groups are not only using mobile digital payments on easy ways to make quick money a regular basis, but are also showing a growing preference for these options easy ways to make quick money over traditional behaviors. In north america for example, 57% of first-generation millennials (aged 26-35), would prefer to use mobile digital payments if they were easy ways to make quick money available as opposed to more traditional methods like pulling out easy ways to make quick money their debit/credit card and inserting into the POS terminal or typing easy ways to make quick money the account number in the online checkout form. Consumers in europe and APAC show a similar pattern with easy ways to make quick money adoption and preference for new payment technologies highest in the easy ways to make quick money APAC region.

When it comes to digital media, nothing monetizes and engages consumers, especially millennials, as well as gaming. In fact, newzoo’s global mobile market report shows that 80% of all global app revenues this year will come from easy ways to make quick money spending on games. For this reason, we also examined consumers’ preferences and attitudes toward the application of traditional gaming elements easy ways to make quick money into their shopping experience. We found that consumers of all ages, and millennials and gamers in particular, are more likely to shop at a store that applies easy ways to make quick money gaming elements such as visual navigation, comparing purchases with friends, and offering loyalty/experience points.

Merchants and retailers looking to succeed in the next wave easy ways to make quick money of digital commerce should pay close attention to what these easy ways to make quick money influential consumers have to say. Over the years, younger generations of consumers have been shown to embrace new easy ways to make quick money technology more readily than their older counterparts and, generally, this behavioral trend holds true when it comes to the easy ways to make quick money latest advances in the world of retail purchasing and payment easy ways to make quick money decisions.

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