The fine line between improving security and losing sales
“If your business has a high volume of low-risk transactions, Transaction Risk Analysis from Elavon can help your business make best use of Strong Customer Authentication exemptions – and find the sweet spot between fraud risk-management and improving your bottom line” – Candice Pressinger, Director of Customer Data Security at Elavon Merchant Services.
The introduction of Strong Customer Authentication (SCA) in Europe means cardholders are better protected from fraud – especially remote-purchase fraud, a growing problem linked to the increasing use of cards for online payments.
SCA requires that shoppers prove they are the genuine named cardholder, using at least two authentication factors:
· Something the user knows, such as a password or code;
· Something the user possesses, such as their card or phone;
· Something the user is, also referred to as inherence, such as a fingerprint.
But these security measures introduce an element of friction into the consumer journey – increasing the potential for cart abandonment and lost sales, as shoppers bail-out at the checkout. How can you streamline shoppers’ checkout experience and maximise sales, while also minimising your fraud risk?
This whitepaper explores the opportunities offered by SCA – and SCA exemption – and examines ways to minimise its impacts on your business and customers. It also outlines the benefits of transaction risk analysis (TRA), whereby Elavon requests SCA exemption (acquirer TRA exemption) from issuers on your behalf, for qualifying, low-risk online transactions.
TRA facilitates SCA exemptions for low-risk online transactions up to €500, which means a speedy, frictionless checkout for cardholders and increased sales for your business.
Find out how you can take control and find the right balance for your business between sales conversion, customer experience and fraud prevention.
Candice Pressinger is Director of Customer Data Security at Elavon Merchant Services. Candice leads Elavon’s data-security products, services and consulting solutions, helping protect businesses from payments fraud, data breaches and other security threats. She has helped launch Elavon’s Transaction Risk Analysis (TRA) service to help merchants process payments without friction while protecting them from fraud, in line with the Second Payments Services Directive (PSD2).