Holiday 2022 – 5 tips for issuers to make the season merry and bright

Holiday ecommerce sales will return to double-digit growth. It’s predicted ecommerce will grow 12.0% to $239.26 billion.1 And holiday mcommerce sales are expected to surpass $100 billion for the first time, rising 13.7% to $111.49 billion. Mcommerce is anticipated to account for 46.6% of total ecommerce sales and 8.6% of total retail sales.1?

But ho ho … hold on. As exciting as that is, with increased sales, increased fraud is always the next thought.?

Total ecommerce fraud is forecast to rise from $41.5 billion annually in 2022 to $96 billion in 2027, with physical goods accounting for almost $50 billion in 2027.2? That’s something to think about. ?

So, what that in mind, if you are preparing to get your slice of the pie this holiday season while avoiding fraud and providing a great customer experience to bring your customers back again and again, check out these tips:?

• Review your fraud tools, rules, and strategy so that they all are working together to help reduce fraud and lower false declines.??
• If you are using EMV? 3-D Secure as part of your fraud prevention strategy, make sure your provider is ready for the increase in volume.??
• Be sure you are using EMV 3DS to its fullest - getting all the rich data you can to make the most informed decisions with the best user experience possible.??
• Talk to your Customer Success Manager or representative and ask them how to make sure you don’t jeopardize top of wallet with needless false declines.??
• Optimize EMV 3DS using Method URL on every transaction to make sure you are getting the best possible authorization results.?

Here at Cardinal, we’ve been preparing all year to handle your increased holiday transactions, both browser and in app. An early indicator is Singles’ Day, celebrated November 11. Issuers using VCAS authenticated significantly more transactions submitted on Singles’ Day 2022 than in 2021 for Singles’ Day, and we are already handling more volume daily in 2022 than in 2021. ?

Cardinal has the trusted advisors and industry experience to make sure you, and your customers, have a merry and bright holiday season. To all our issuers and shoppers everywhere, we wish you the most successful holiday online shopping season!?

1 Insider Intelligence, US Holiday Shopping 2022, Oct 2022??

2 Juniper Research, ONLINE PAYMENT FRAUD DATA & FORECASTING 2022-2027?

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