Chargebacks911® COO Offers Tips for Retail TouchPoints
Fraud is a major source of loss for online retailers. However, not all fraud is explicitly criminal in nature. In her new guest feature for Retail TouchPoints, Monica Eaton says consumer entitlement is one of the leading causes of risk for businesses due to a practice called friendly fraud.
Retail TouchPoints is an online publishing network for retail executives, offering content focused on optimizing the customer experience across all channels. They rely on expertise and insight from every corner of the market to help improve global retail operations.
In her feature, Monica points out that simplifying the customer experience and reducing friction are universal goals. The problem: this creates new consumer expectations and a sense of entitlement. “We have a situation in which consumers feel entitled to a frictionless experience,” Monica says. “Simultaneously, they’re very aware of online fraud, but don’t know how to protect themselves from it.”
Monica explains that retailers need to get proactive about this problem. Otherwise, the disconnect between expectations and best practices will keep growing.
“We’re talking about revolutionizing divergent card scheme rules and processes, establishing how banks interpret those rules and how merchants respond. We also need to work toward redefining consumer expectations and ultimately modifying behaviors. However, bringing all the players in the payments process together will be a massive undertaking…Until then, merchants will need to take a proactive approach.”
