While dealing with fraud has always been a cost of doing business for merchants, the digital age has changed the game in terms of fighting off fraudsters. No matter where one goes, and no matter what goods or services they sell, Kount‘s Chief Customer Experience Officer Rich Stuppy told PYMNTS in a recent conversation, the transition to digital will inevitably involve running headlong into the loving embrace of fraudsters.
“For folks we work with who have implemented mobile order-ahead or eGift cards, or loyalty, or any other element of an app-based business, I can guarantee they have all felt the sting of fraud,” he said. “I would say they are, at this point, almost woefully aware of it.”
In fact, Stuppy continued, the only merchants not aware of the situation are probably those who haven’t begun making efforts toward a robust expansion into digital and multichannel commerce. While some have speculated that fear of fraud is keeping some merchants out of the game, Stuppy noted that this wasn’t as big of a concern as some might think. Most merchants are simply unaware of how quickly fraudsters will appear, how numerous they are or how efficient they are in their undertakings.