Can You Afford To Do Nothing as CNP Fraud Rates Increase?

Card-not-present (CNP) fraud in Australia rose a startling 25 percent, from $256.5 million (as of June, 2014) to $322.7 million (as of June, 2015).1

In fact, 94 percent of the total increase in credit card fraud in Australia since 2009 has come from CNP transactions.2 This has created big challenges for merchants as e-commerce activity has soared.

Often, a merchant’s reaction to higher CNP fraud is to tighten controls, increase manual reviews, and even “turn off” high-risk channels. But the resulting loss of customers and sales can be highly damaging to business.

The paradox is that even with this huge increase in CNP fraud data indicates that merchants worldwide turn down up to twice as many orders as they should on (misplaced) suspicion of fraud.³ In other words, they decline or cancel orders that appear fraudulent, but actually would be valid if approved.

So how can an e-commerce merchant approve as many good orders as possible while keeping fraud losses low?

The FRAUD360 WORLD TOUR is coming to Sydney and Melbourne with instructional sessions by leading fraud mitigation experts to answer that question:

  1. Sydney | Tuesday, 3 May | 8:30 am to 1 pm | Hilton Sydney
  2. Melbourne | Thursday, 5 May | 8:30 am to 1 pm | Melbourne Marriott Hotel

Attendees will see and hear four informative presentations providing the latest data and insights concerning e-commerce and CNP fraud prevention:

The Future of Mobile — From the explosion of mobile to Apple Pay to cross-border commerce, mobile is rapidly changing the e-commerce landscape. This session on mobile payments, mobile wallets, PCI compliance and fraud will help merchants improve conversions and scale to reach customers globally.

Explosive E-commerce Growth in Australia — As online spending soars, e-commerce companies in Australia need to adapt, anticipate trends and innovate. This session combines insights into Australian e-commerce trends with localised fraud mitigation best practices.

Stopping Fraud and Improving Acceptance: Walking the Transaction Tightrope — This data-driven discussion shows merchants how to control fraud losses and lower chargeback processing costs through the sharing of fraud and other data within a global, issuer-merchant collaboration network.

Detect and Deter: What Are Fraudsters Up To? Peer into the dark world of criminal fraudster organisations as you explore current global criminal techniques and trends. Use this knowledge to better detect fraudulent transactions, reduce manual reviews and keep customers happy.

Speaker Panel Q&A — This session will provide participants with the opportunity to explore issues of particular interest to them with subject experts.

Attendance is free and a complimentary breakfast and lunch will be served. Click here for more information and to register for this event you won’t want to miss.

¹CNP Fraud in Australia up 25% Year-Over-Year

² CNP Fraud Accounts for 94% of all Card Fraud Growth in Australia

³ Online Fraud Management Benchmarks, North America Edition

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