Fighting False Positives & Eliminating Suspected Fraud
As online sales increase, fraud remains a serious threat, but “false positives” — transactions wrongly declined due to suspected fraud — could be an even bigger problem for online retailers and it's causing some very real anxiety in the e-commerce realm.
According to industry analyst firm Javelin Strategy & Research, 15 percent of all cardholders (an est. 33 million adults) have experienced a wrongful decline, representing an annual decline amount of almost $118 billion in sales in 2014. Unfortunately, a false-positive decline can seriously erode customer loyalty and may push many consumers to abandon the retailer, believing it is a shopping cart issue.
CardinalCommerce wants to do something about the issue, and is announcing that it will be making its e-commerce authentication available to independent retailers, unveiling shopping cart plugins to improve card authentication practices, reduce fraudulent transactions and protect retialers from losing billions in online sales. The new shopping cart plugins give independent online retailers access to the CCA platform used by most major online retailers. Specifically, the new plugins help retailers in three key ways:
Liability management. Use of CCA shifts the liability for all transactions processed through the platform from the retailer to the card issuer. This is especially critical to retailers of high-value products, for whom one or two fraudulent sales can have a significant impact on their bottom line.
Ease of set-up. Cardinal’s new shopping cart plugins can be installed in as little as 30 minutes, with minimal technical know-how. Merchants can simply add a few lines of code to their existing shopping carts to launch the CCA platform on their back-end.
Scalable and automatic. The CCA platform is entirely seamless and scalable, so merchants can leverage the technology and rely upon it to automatically scale-up no matter how many transactions they manage. The new shopping cart plugins are also available for most of the leading eCommerce carts including Magento, AspDotNetStorefront, ProductCart, LaGarde StoreFront, PrestaShop and Miva.
“We want to deliver our first-in-class Cardinal Consumer Authentication technology to all retailers across the country, from sole proprietors to mid-size companies, through turn-key shopping cart plugins,” said Mike Keresman, CEO, CardinalCommerce. “Now every merchant regardless of size can access the very latest in authentication technology to protect themselves, ensure an excellent customer experience and grow their businesses this holiday and beyond.”