Monica Eaton Appears in Publication’s ‘Expert Opinion’ Section
For years, the U.S. has been a global leader for ecommerce sales. However, merchants around the world are seeing a greater portion of sales attributed to their internet storefronts. Europe, for example, is currently seeing exponential ecommerce growth.
Unfortunately, this means ecommerce fraud is also on the rise, introducing new threats that international merchants haven’t dealt with before.
In the Netherlands-based publication The Paypers, Monica took the time to draw some parallels between the current European marketplace and what has already transpired in the U.S. Her goal is to help European merchants predict future threats and create a proactive strategy before risk becomes a liability.
European Merchants Parallel American Experience
Monica pointed out that what European merchants are experiencing now closely mirrors what U.S. merchants have struggled with for several years now.
By analysing historical data from the U.S., we can predict future trends in Europe. As we saw overseas, merchants will continue to be victimised by friendly fraudsters unless they acknowledge the problem and act decisively to protect their profits. Ignoring the realities of friendly fraud will cause European merchants to join the ranks of those suffering needless revenue loss and jeopardising longevity.”
The longer European merchants wait to examine where they stand regarding friendly fraud and other eCommerce threats, the worse the problem will get. Merchants need to act now to mitigate threats to their profitability.
Friendly Fraud: A New and Dangerous Threat
Since Europe’s ecommerce environment is still in the early stages of development, friendly fraud is, as Monica pointed out, a “relatively new concept in Europe.” However, as trends in the U.S. have shown, this risk will continue to grow if left unchecked.
Current trends in eCommerce and payments created a perfect storm in terms of fraud threats. Monica identified several global occurrences that have led to the friendly fraud epidemic in Europe, such as the U.S.’s recent EMV adoption. The new bank policies have inadvertently incentivized EMV eCommerce fraud through illegitimate chargebacks, and evolving consumer behaviors which developed in response.
As evidence of her claims, Monica emphasized the fact that European ecommerce sales grew by 10 percent in 2015; in contrast, chargeback rates increased by twice that amount during the same period of time.
Chargebacks911® Offers Solutions for European Merchants
One of the defining characteristics of Chargebacks911’s approach to risk mitigation is to help merchants establish a proactive approach. We help merchants move from defense to offense and stay one step ahead of emerging threats.
This philosophy has positioned us as a leader in Europe, as merchants look for a solution that has already plagued so many. We are proud to provide European merchants with the same innovative solutions we pioneered in the North American market.
Monica has witness first-hand what happens when merchants fail to acknowledge risks associated with friendly fraud. Therefore, her final words of advice were to emphasize that merchants must take the necessary steps to stem the rising tide of fraud before it’s too late.
