Online fraud is on the rise, with attacks increasing 21% this year alone, so it makes sense that online security is top of mind for both consumers and merchants. In fact, card-not-present (CNP) fraud cost companies $35.54 billion dollars globally in 2020.
But companies are finding it difficult to thread the needle between keeping online transactions secure and delivering the kind of frictionless experience online customers expect:
- Too many validation steps can turn off good customers, with 22% of cart abandoners choosing not to complete their purchase if they are required to create an account;
- A mere two-second delay in load time can lead to abandonment rates of up to 87%; and
- 58% of declined transactions online are actually legitimate orders.
Check out this infographic from Vesta to learn more about the fraud prevention measures that can negatively impact shopping experiences and how to address them.