Comment from Ed Whitehead, Managing Director EMEA at Signifyd
“During this year’s Fraud Awareness Week, we’re reminded that after several challenging years, neither the economy nor the rising levels of fraud and abuse are getting any easier for retailers. Amidst the cost of living crisis, consumers need to be increasingly cautious with money and reassured that their money is safe when making online payments.
However, retailers are also at risk from consumers themselves. In fact, Signifyd’s State of Commerce report found that with the rising cost of living, UK consumers are turning to fraud to get free products. Specifically, 32% of consumers admitted to falsely claiming an ecommerce order was not satisfactory when delivered in an attempt to get a refund and keep the product. A further 26% said they had claimed that an ecommerce order that did arrive did not arrive in order to keep the item for free, and 4% said they sent back an empty box or a box containing something other than the original product in order to keep an online purchase and receive a refund.
As we head into the holiday season, retailers need to transform their online payments and returns strategies to mitigate the season’s scheming while enabling a smooth experience for those shoppers looking to make the holiday merry and bright.”