Fraud Prevention: The Responsibility of Senior Management
Inside this guide
Learn the true impact of fraud operations
Gain insight into the revenue your store may be losing out on, by not optimizing fraud review
Tangible ways to get involved
Actionable steps to help management get more involved in fraud operations
Boost approval rates & market expansion
Learn how streamlined fraud review can raise revenue and aid international expansion
For online retailers, fraud is an issue that’s becoming a bigger challenge every year. Unfortunately, senior management is rarely aware of the impact fraud operations have on the company’s overall growth and success. In this guide we explain the value-add upper management being more directly involved in fraud management, and give suggestions for how they can assume a larger role in these operations.
For online retailers, CNP fraud is a serious problem that will only get larger as the eCommerce market continues to grow. According to a recent report by Juniper Research, the cost of fraudulent eCommerce transactions is projected to rapidly increase over the next 5 years, reaching approximately $71 billion by 2022.
Despite this harsh reality, senior management isn’t giving this issue the attention that it deserves, as executives fail to recognize the correlation between fraud management and the company’s overall growth and success. It is common practice for fraud prevention to be assigned as a secondary task to the customer service or payments teams, and the resources allocated to handle fraud are insufficient. On top of that, fraud managers’ success is measured in very narrow terms. The wrong incentives and performance metrics are being put on the people managing fraud – more focused on lowering chargeback than on protecting revenue.
In this guide, we set-out the value of fraud management operations as a whole, and why it is imperative that senior management play a larger role and assume responsibility for this issue.
This guide covers:
- Why eCommerce CEOs need to pay attention to risk management
- How optimizing risk management operations can drive overall growth
- What key steps executives should take to optimize fraud operations