PUBLISHER: QKS Group | PRODUCT CODE: 1445890
PUBLISHER: QKS Group | PRODUCT CODE: 1445890
Quadrant Knowledge Solutions Reveals that eCommerce Fraud Prevention Market is Projected to Register a CAGR of 27.60% by 2027.
The eCommerce fraud prevention solution is a specialized fraud detection and management solution targeted at eCommerce merchants and payment processors. It offers comprehensive real-time risk monitoring and analysis of all transactions and identifies internal and external frauds covering all users, accounts, and channels by driving a risk-based strategy. An eCommerce fraud prevention solution detects and prevents fraud in real-time to improve order acceptance rate, reduce chargebacks, prevent customer abuse, and improve overall revenue. The primary focus of such a solution is on enhancing customer experience and providing confidence to merchants and payment processors to focus on revenue optimization strategy rather than on fighting frauds. In addition, advanced fraud prevention platforms are powered by emerging technologies like artificial intelligence and machine learning to reduce losses through faster detection and prevention of emerging fraud.
Quadrant Knowledge Solutions defines "a robust framework that allows eCommerce businesses and payment processors to detect and stop high-risk transactions from getting processed. The solution employs AI-powered advanced machine learning models, rules, and automation to analyze and assess each transaction's potential risk in real-time to minimize the losses due to fraud and increase the organization's profitability."
Additionally, regulatory environments are becoming stringent, with increasing scrutiny on cybersecurity measures as well as fraud management models. Global eCommerce organizations and payment processors are incurring huge losses each year due to various transaction, eCommerce, and payment frauds, as their traditional rule-based systems are ineffective in detecting advanced risks. Therefore, global organizations are evaluating their existing fraud detection and prevention strategies and looking at deploying advanced fraud detection technologies to actively detect and prevent fraud, minimize losses, improve fraud investigation, comply with global norms, and enhance the overall customer experience. An eCommerce fraud prevention solution can help them achieve these goals.