Like almost everything in this era of digital transformation, online fraud has evolved at a rapid clip, with fraudsters finding ever more ingenious ways to exploit ecommerce merchants’ defenses.
That is one reason that sophisticated fraud protection, which five or 10 years ago might have been an afterthought, is now a must-have for online retailers. The other reasons? The sheer size of the ecommerce economy, which is growing at an 18 percent annual rate and now accounts for 9 percent of consumer retail spending, according to the U.S. Census Bureau.
And finally the evolution of the technology and thinking at the heart of fraud management has resulted in the emerging field of guaranteed fraud protection, which gives retailers the opportunity to make real strides against fraudsters seeking to take advantage of them.
Brian Benic, Corra’s director of global sales, recently sat down for a brief video interview to talk about the growing importance of a sophisticated fraud prevention solution, like Signifyd, that is natively embedded in the Magento platform and efficiently integrates with all major ecommerce platforms.
The partnership brings together Corra, the recognized leader in building elegant websites for enterprise retailers that sell high-quality and high-value products on a global scale, and Signifyd, the world’s largest provider of guaranteed fraud protection.
The combination is a match made in the Amazon era, when retailers are looking to maximize revenue wherever possible and when the experience they offer their customers is more important as a differentiator than ever before.
Corra’s expertise in design and backend technology provides its retail clients with the ability to provide elegant and memorable customer experiences. Signifyd’s machine-learning-fueled fraud protection ensures that legitimate orders will not be held up or mistakenly denied altogether for fear of fraud.
Meantime, Signifyd promises to make merchants financially whole on any orders it approves that later turn out to be fraudulent — meaning ecommerce retailers no longer have to worry about fraud risks and costs and can instead focus on their core business.
Martina England, Corra’s director of strategic alliances, said Corra was looking for a fraud-protection partner that could offer the company’s clients what they needed in a time when many were selling globally and most were focused on the safeguards that outside vendors have in place to protect sensitive consumer data.
“You just stood out as the company that had the most credentials,” England said. “You have a lot of different clients, which only can help from the fraud-prevention game.”
And in a time when fraudsters are working everyday to outrun the latest technology and tactics in fraud protection, merchants can use all the help they can get.
Contact Mike Cassidy at m[email protected]; follow him on Twitter at @mikecassidy.