More eCommerce Companies Boost Buyer Security With Transaction Verification

Sep 09, 2022

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These days, more and more shopping is being done online, and as a result of this, the number of fraudulent transactions is on the rise. The truth is that it is easier than you might think to steal a card or get card information to make fraudulent transactions in eCommerce stores. Unlike shopping in-store where customers may be requested to enter a PIN or use their face or fingerprint to verify who they are before shopping using Apple Pay, the world of online shopping has long been less secure. However, all of this is changing, and online retailers are being urged to take proactive steps toward making online transactions more secure. Transaction verification is an ideal way to do this.

What is Transaction Verification?

Transaction verification is an additional step in the checkout process that requires customers to verify that it is them making the transaction. This can be done in several ways, including having the customer open a banking app to approve the transaction, or sending the customer a code or PIN to their email address or phone number on file to verify that it is them making the purchase. It will usually only take a couple of minutes to complete at the most and helps to protect both consumers and businesses from fraudulent transactions. Companies can add transaction verify to their sites using Yodlee. Evestnet Yodlee provides a range of services including transaction verify for customer payments, account verification, fraud protection, and more.

Global Push to Reduce Fraud Online

With a transaction verification process in place, companies can do more when it comes to reducing card fraud or stolen cards. When the customer needs to open a third-party app to verify that it is them making the transaction before they can pay, this will deter thieves and fraudsters who may have access to the card but do not have access to the customer’s secure online banking app. In the UK, card providers are now required to verify all online transactions in this way, and more countries around the world are set to follow.

Transaction Verification – The Benefits So Far

Along with benefiting customers, transaction verification is a process that has proven beneficial for businesses. eCommerce companies in particular have benefitted from:

Fewer Disputes

Disputes might be necessary, but they can be costly and time-consuming for a company to deal with. Along with this, companies may need to refund the customer the amount that was spent fraudulently using their card. Thanks to the introduction of more transaction verification online, companies have avoided this additional hassle.

Improved Customer Trust

Last but not least, customers tend to trust companies that go the extra mile to keep their financial information safe. Companies that have introduced transaction verification are doing their bit to build eCommerce trust thanks to schemes such as Visa Secure.

With online shopping on the rise around the world, transaction verification has proven beneficial for both customers and companies. Schemes like Visa Secure are preventing fraud, boosting customer trust, and enabling hassle-free, smooth transactions.

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