A Proactive Risk Management Approach to Reduce eCommerce Fraud
E-commerce is one of the Indian economy's fastest growing sectors. Bank of America Merrrill Lynch estimates that Indian online retail market to carry a gross merchandise value of $62 billion by 2020, with a GMV of $17 billion this year. With e-commerce playing a pivotal role in the economy, cybersecurity fraud is posing immense challenges as accounts are compromised and subject to account takeovers and identity theft. So fraud techniques are constantly evolving, and new data breaches are reported every day. Are your online security practices adapting rapidly enough?
Weak passwords have been the bane of cybersecurity. But as multifactor authentication steadily becomes the norm, what are some next-generation authentication strategies that merit consideration?
How do you overcome the conundrum of a requirement for strong authentication, but also the real risk of cart abandonment if you ask consumers to jump through too many hoops? The session will discuss:
- Initiatives, including the FIDO2 standard, to move away from password authentication;
- Use of predictive fraud technologies and artificial intelligence to assess risk;
- Managing risk with the right tools and controls;
- Biometric authentication: the privacy and reusability concerns.