What is the best response to fraud: prevention or mitigation? Payment Expert recently asked Chargebacks 911 COO and Co-Founder Monica Eaton to share some of her wisdom on this topic. According to Monica, merchants should be prepared to adapt in order to achieve maximum prevention and mitigation.
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How flexible are your fraud prevention methods and practices? Is your data analysis comprehensive and scalable? Would your business pass a tech-readiness test? These are all questions Monica thinks merchants should consider regarding their fraud prevention and mitigation tactics.
“With advancing technology, both buyers and sellers need to be more vigilant,” she says. “For merchants, this means ensuring they have access to the data they need to make good decisions, coupled with the discipline to extract insights and commit to continuous improvement. For consumers, eCommerce purchases follow a new trifecta – faster, better, and more transparent.”
According to Monica, the urgency of a merchant’s technological adaptability is all to plain in the post-COVID era. “Merchants must be aware of the problem and willing to adapt. But they must also be mindful that they cannot do it all on their own.”