09 July 2020

Checkout.com - UK loses $2bn as legit transactions marked as fraud  

Written By FinTech Alliance

Checkout.com - UK loses $2bn as legit transactions marked as fraud  

New research from Checkout.com shows that $2bn is lost every year in the UK when transactions are rejected as fraudulent.  

In Brief:  

  • Globally, around $13bn was lost to competitors by merchants who rejected customers on suspicion of fraud.  

  • Customers giving up on such transactions wiped $7.6bn off the digital economy’s balance sheet.  

  • Over two-third of merchants have not looked at the data behind failed payments.  

 

What does this mean?  

Checkout.com’s research looked at over 5000 consumers and 1,500 merchants as well as qualitative perspectives for giants like Microsoft, Uber and Deliveroo. It shows there is a gap where data should be used more efficiently to investigate whether a payment is fraudulent, rather than rejecting legitimate customers just in case. Unless what the business dubs an “online payments hold” is plugged, the global ecommerce market stands to lose around $20bn.  

 

Read more here.  

 

Up Next ...
30 July 2021

A day in the life: Olga Miler, SmartPurse

This week we caught up with Olga Miler, Co-Founder and ...

30 July 2021

Bud adds subscription management feature 

Bud has developed a new feature for its business customers ...

30 July 2021

Former Klarna execs found BNPL platform Biller 

Former senior managers from Klarna and Mollie have founded a ...

30 July 2021

Paxos raises $40mn from Bank of America, Coinbase 

Blockchain infrastructure business Paxos has added $40mn to its Series ...

More in Fraud Detection

HSBC launches fraud awareness app

03 June 2021

HSBC has launched a new app to provide businesses with ...

FCA reports 30,000 instances of unregulated activities in past year 

07 January 2021

The UK’s financial regulator has said it identified 30,000 instances of unregulated...

JPMorgan Chase introduces digital hub for businesses 

29 September 2020

JPMorgan Chase has introduced digital tools to help protect businesses against fraud.  ...

ComplyAdvantage raises $50mn  

29 July 2020

UK FinTech startup ComplyAdvantage has completed its Series C investment round at $50...

Articles Fraud Detection

PwC’s Global Economic Crime Survey 2020: UK findings

13 May 2020

Fraud and economic crime - an evolving challenge #EmergeStronger Is your organisation ready to re...

There are no Events in this category