COSTA MESA, Calif.–(BUSINESS WIRE)–July 26, 2022–
To help all merchants who accept digital payments increase their online sales and reduce fraud, Experian® today announced Experian Link™. Experian is the first credit bureau to link a consumer’s identity to a payment method in the payment space, enabling businesses to provide customers with a seamless online experience.
“Now more than ever, businesses need to quickly and accurately verify identities to increase online sales and minimize the risk of fraud,” said Kathleen Peters, chief innovation officer, Experian Decision Analytics North America. “Experian Link will allow businesses to recognize, verify and protect consumers with confidence while providing a seamless shopping experience.”
Increase online sales without increasing fraud losses with Experian Link
Online merchants regularly encounter false declines, which occur when a good customer is suspected of fraud and then prevented from completing a purchase. Aite-Novarica Group The Ecommerce Fraud Conundrum: The Quest to Maximize Revenue While Minimizing Fraud found that the average false refusal rate is 1.16%. With over $960 billion in online sales in the US in 2021, lost sales due to false dips total over $11 billion, a substantial impact for merchants and their customers.
Merchants today use a variety of solutions to prevent fraud, but many legacy fraud solutions continue to fail to provide adequate insight into customer identity. Experian Link offers merchants the ability to augment their decisions in real time with insight that links customer identity risk to the credit card presented for payment.
By accurately associating customers with their credit card, merchants can reduce the impact of false declines and customers enjoy a better and safer shopping experience. The Aite-Novarica Group report showed that almost half of e-commerce merchants surveyed tolerate fraud rates between 20 and 49 basis points.
Experian Link can improve this as it provides an 85% positive match rate for major credit card brands, and when an identity is verified against a credit card, fraud rates can drop by up to 10%. basic points without additional friction for customers.
Integrating Experian Link into the authorization process for digital transactions will help businesses build trust with good customers by allowing them to sign up and pay securely while spotting potential fraud and reducing rejection rates. It can also help merchants reduce operational costs by preventing fraudulent credit card use from the outset, reducing costly manual reviews and chargebacks.
“The data used to authorize an online credit card transaction can be limited, which can make it difficult for businesses to verify identities and therefore reduce sales with legitimate customers,” said Julie Conroy, chief information officer. risk analysis and advice for the Aite-Novarica group. “Our most recent report found that 88% of e-commerce merchants surveyed are open to new ways to securely share data with issuers to help them achieve their goals of maximizing sales, minimizing friction and reduction in false refusals. By enabling businesses to augment fraud risk assessments with real-time data, they can better achieve their goals. »
Experian Link is another example of Experian’s commitment to helping businesses verify identities, fight fraud and protect consumers. Experian’s suite of automated fraud prevention and identity verification tools enables businesses in all industries to harness the power of data and advanced analytics.
For more information on Experian Link, please visit: https://www.experian.com/business/products/experian-link.
Experian is the world leader in information services. During life’s big moments – from buying a house or car, to sending a kid to college, to growing a business by connecting with new customers – we enable consumers and our customers to manage their data with confidence. We help individuals gain financial control and access financial services, businesses make smarter decisions and thrive, lenders lend more responsibly, and organizations prevent identity theft and crime. .
We have 20,600 people operating in 43 countries and every day we invest in new technologies, talented people and innovation to help all of our customers maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.
To find out more, visit www.experianplc.com or visit our global content hub on our global news blog for the latest Group news and information.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian. Other product or company names mentioned herein are the property of their respective owners.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220726005384/en/
CONTACT: Annie Russel
Experian Public Relations
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY E-COMMERCE PAYMENTS SECURITY
Copyright BusinessWire 2022.
PUBLISHED: 07/26/2022 09:00 / DISK: 07/26/2022 09:02
Copyright BusinessWire 2022.