Online retailers widely implement anti-fraud tools and strategies — but minimizing false declines while effectively screening out potential fraud is easier said than done. Payment service providers (PSPs) can be crucial in helping eCommerce firms find the right approach to these challenges. In fact, 86% of eCommerce retail firms receiving active PSP support reported a rise in profitability.
Latest data reveals that large online retailers widely overlook the direct impact of an effective anti-fraud toolkit on boosting profits. The stakes are high, with U.S. eCommerce firms projected to lose $157 billion due to false declines in 2023.