Report: Time Spent on Manual Reviews Top Concern of UK E-Commerce Merchants
April 7, 2016
U.K. e-commerce businesses identified the time spent on manual reviews as their biggest fraud challenge in a new report from antifraud technology provider CyberSource. Lost revenue, surprisingly, placed low on a list of e-commerce merchants’ concerns. Forty-six percent of online retailers cited manual reviews and the time devoted to them as their top concern. An inability to accurately measure fraud by sales channel (45 percent), declining legitimate orders (37 percent) and the inability to use all available transactional data in their fraud management system (28 percent) all were of more concern to U.K. e-commerce merchants than losing revenue to fraud (24 percent).
“These results indicate that fraud teams are focused on optimizing their fraud operations to do more than achieve low overall fraud rates,” the authors of the report wrote in the CyberSource 2016 U.K. E-Commerce Fraud Report . “[They suggest] fraud management is not just about reducing losses from fraud: [it] should be balanced against the cost to do so, and the effect on genuine business.”