5 steps to overcome the hidden risk to the merchant world
Written by Monica Eaton-Cardone, CIO and Co-Founder of Global Risk Technologies™.
Successful merchants know where their money comes from and where it goes. They know the opportunities for the business and they know the risks. But how many merchants recognise that one of the biggest threats to their bottom line comes from an unlikely source?
The actions of the ‘ordinary’ consumer are causing bigger industry losses than identity fraudsters. ‘Friendly fraud’ has been growing 41% in recent years, costing over €10bn in industry losses, compared to around €2bn lost through ID fraud, according to Visa. As ecommerce continues to grow at close to 20% per year in the EU, with total ecommerce revenues predicted to be €185.39bn for 2015, its vital merchants know about the risk, are able to identify it and can move quickly in order to mitigate the risk.
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