According to Review 42, online shopping frauds grew at a rate of 30% in 2017 – twice as fast as the rate of eCommerce sales. eCommerce frauds increased by 45% in 2017, leading to losses of $57.8 billion across eight big industries.
According to a Juniper Research report, eCommerce retailers are at risk of losing over $20 billion in 2021 due to online fraudulent activities. This loss would represent an 18% increase, compared to $17.5 billion recorded in 2020.
This is because making shopping available online creates even greater verification challenges that retailers need to consider. Ensuring that a customer is who they say they are at the checkout is vitally important, especially with credit card transactions.
But in this day and age having an online presence as a retailer is a must! So how do you manage your online presence and avoid any fraud? For that matter, how do you avoid in-store fraud as well?
Luckily there are tools that can help you navigate these situations and come out on top and fraud-free.
SMART Retail detects abnormal patterns in returns and discounts activity while keeping information confidential with adaptive, unsupervised AI algorithms and connected knowledge about fraud cases. The system also detects anomalies, especially in omnichannel scenarios such as “buy online, return in-store” with knowledge of devices that initiate returns and their locations.
Finally, SMART Retail helps increase operational efficiency by reducing the manual effort required to identify at-risk business entities and functions. As fraud at retail is constantly increasing, this tool is clearly not one that can be ignored.
SMART Retail also offers quick implementation, few customizations and ready-to-go, out-of-the-box features.
You work hard for your business, so you don’t want fraud to rob yourself of your success. SMART Retail can help you avoid such ugly consequences easily, efficiently, and cost-effectively. To learn more about our many solutions ranging from the aerospace industry to high technology, visit us at https://sheaglobal.com.