New Solution Decreases Returns Fraud at Every Transaction
E-commerce fraud provider Forter has developed a new solution that helps retailers ID and block abusive returns practices.
The Forter Returns Abuse Protection is designed to enable merchants to provide the competitive policies now expected by consumers. With 10% of all items sold in the U.S. returned, merchandise returns are forecast to cost retailers $550 billion in 2020, according to research from Appriss. Within this, fraudulent returns will cost retailers $24 billion annually.
Indeed, 38% of online shoppers indicate that return policies have a major impact on their decision to purchase from any retailer, and nearly 1 in 4 have abandoned a shopping cart due to poor returns options.
What’s more, almost one-third (31%) of consumers said they wouldn’t shop again at a retailer following a difficult returns experience.
Forter’s Returns Abuse Solution enables retailers to approve and decline decisions at every transaction so they can block returns abusers from placing more orders that will likely result in additional returns.
They can also approve/decline decisions at every returns initiation, at the point of the returns request (e.g. online, call center agent).
Suspicious accounts are flagged, providing retailers with the ability to enforce policies at the account-level, such as making repeat abusers ineligible for free returns shipping or only allowing in-store returns.
They can also track return KPIs from a single dashboard.