Don’t Let Fraudsters Gobble Your Black Friday Earnings
The 2017 Thanksgiving season comes with many things for which to be grateful (affordable organic turkeys from Amazon’s Whole Foods, for starters), but it’s also a time when online fraud is at its absolute highest. With this year’s Black Friday spending growth in Europe set to surpass Black Friday spending growth in the United States (where the one-day shopping bonanza originated), retailers would do well to keep on high alert — no matter where on the globe they are located.
Just like cookies are irresistible to Santa, Black Friday is irresistible to fraudsters. The dramatic spike in online visitors and higher-than-usual spending activities of regular customers creates a perfect storm for criminals who are able to blend into the hustle and bustle. Not only does the buying spree make it difficult for merchants to tell the difference between legitimate purchases and fraudulent activity, the criminals are able to by-pass outdated fraud prevention programs unable to keep up with the flurry of activity.
AI Makes Spotting Black Friday Fraud as Easy as Pumpkin Pie
On rush days like Black Friday, ecommerce sites are increasingly recognizing the importance and benefits of scalable artificial intelligence (AI) to help fight fraud. AI can analyze multiple transactions and data points simultaneously and in real-time so a business can instantly decipher whether they’re dealing with a legitimate customer from Santa’s Nice List, or if they’re dealing with a fraudster from his Naughty List. Being able to tell the difference not only cuts down on false positives (when a trusted user’s purchase is rejected due to suspicious behavior), it also leads to a more seamless customer shopping experience.
For more information on how RISK IDENT’s AI-powered fraud prevention software can help your business minimize fraud on Black Friday and in the future, contact our team today at firstname.lastname@example.org. In the meantime, we’d like to wish you and your family a very happy Thanksgiving.