Ekata - Preventing eCommerce Customer Insult and Lost CLTV
Common Sense Virtual Roundtable:

Preventing eCommerce Customer Insult and Lost CLTV

April 28th, 2021, Successfully held

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Presented by

Ekata

Here’s what we discussed:

The modern consumer wants both speed and security. From opening an account to making their first transaction to having their digital or physical good delivered to them, expectations are high. But it’s hard to find the balance between speed, accuracy, and security. Unfortunately, many good customers are issued false declines to their good transactions when this balance isn’t found, resulting in lost revenue and damaged loyalty.

This roundtable discussion focused on how reducing false declines within the eCommerce workflow can boost your bottom line – now and in the future.

Questions we discussed:
  • How many steps does your new account opening process take?
  • How do you currently verify identities at account opening? At transaction processing?
  • Are false declines a recognized problem within your company? How have you raised awareness of the false decline challenge within your company?
  • What metrics are you tracking for consumer satisfaction?
  • What identity data is critical for your risk assessment or transaction/user verification workflows?

Moderated by 

Jordan Reynolds
VP of Market Strategy – eCommerce & Marketplaces at Ekata
LinkedIn

Here is what we learned:

What are some of the biggest challenges you’re facing as it relates to balancing risk detection and optimizing customer experience?

One individual fraudster is using stolen credit card information to place orders with the sole purpose of collecting points from Rakuten, which can be turned into cash. The item is shipped to the address that is on the credit card, and the points immediately redeemed. The company now uses a shipping cost filter to pause these high-cost orders from going out. They are using a trigger that prevents items from being shipped to an address that is too far from the IP address. However, both methods can cause customer friction.

Finding a vendor on the front end to help determine spoofed IP addresses can help this merchant. However, based on the overall fraud costing the company $60,000, it really isn’t a big issue, especially since it’s one individual and not something that is scripted.

It’s easy for fraudsters to create an email address, but harder for them to create a history around that email address. Fraud platform solutions and data solutions can help weed those bad email addresses out.

Request detailed session notes

We are careful about who we send this key document to. The session notes will be sent based on the request, provided your profile matches our qualification criteria.

About Ekata:

Ekata provides APIs and a SaaS solution built around five core identity elements: name, phone, email, address, and IP to help you assess risk in all types of online interactions. These include fake account creation, payment authentication, transaction fraud and manual fraud review.

Participation in the Virtual Roundtable is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.

If you don’t qualify, we’ll suggest other learning events that may be a better fit for you.

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