Shopify merchants can now access a new solution from intelligent fraud and risk management provider, Cybertonica. eComm360 Fraud Prevention offers enterprise-level protection and enhanced conversions while eliminating the headache of fraud and chargebacks – allowing small and independent online businesses access to the same expert solutions as eCommerce powerhouses.
The announcement comes following the busiest online Black Friday ever recorded – which saw a surge of nearly 22 per cent on a year ago to $9 billion.
Joshua Bower-Saul, CEO and Co-Founder of Cybertonica, commented: “Going hand-in-hand with the growth in online transactions expected this Black Friday and Cyber Week, is an increased fraud and cyber risk for merchants and their customers – Covid-19 has given fraudsters many new potential victims.
“With our new product, eComm360, we wanted to give merchants the same level of fraud protection that Cybertonica’s banking and payments customers enjoy at enterprise-level. Our new solution detects fraudsters and cyberattacks in real-time using behavioural biometrics and integrates directly to the merchant’s Shopify page for ease of use.”
Shopify’s 1.7 million merchants can now access the product via the App Marketplace, with a one-touch activation equipping them with an array of automated risk management and fraud prevention capabilities. eComm360 Fraud Prevention reduces up to 80 per cent of chargebacks and 90 per cent of fraud.
Mark Gaffney, Head of Innovation at Cybertonica, added: “eComm360 is unique in the way it combines not only fraud scoring and order monitoring, but also real-time threat intelligence and customised risk management.
“It works on a number of levels. After activation, it begins automatically to analyse orders for fraud in real-time, and uses behavioural biometrics to examine and protect devices and their user accounts. eComm360 also can be used to reduce the need for high-friction secondary authentication (such as 3DS and one-time passwords) by more than 70 per cent, reducing basket drop-off.
“Merchants will have a 360-degree view of their risk and opportunities, because eComm360 allows them to adjust acceptable risk levels simply with a cursor. This equates to higher conversion rates, reinforced customer confidence, increased profits, and reduced time spent on fraud and risk management.”
Tony Craddock, Director General at the Emerging Payments Association, said: “With eComm360, Cybertonica strikes the balance between security and frictionless customer experience – something which has been a huge challenge for merchants in the aftermath of Covid-19, and what will be the difference between ‘hitting’ or ‘missing’ the holiday season sales.
“My advice to those planning to get involved in what is looking to be a historic sales season is: take the necessary precautions. Fraud will be rife, but so are the opportunities. And eComm360 is a game-changer.”