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How to Reduce Fraud this Festive Shopping Season

Black Friday and Cyber Monday are synonymous with big sales and deal bonanzas that kick-start the festive shopping season. These deals are not just online or in-store, many purchases, particularly high-value, luxury purchases are often done over the phone in consultation with the retailer.

Indeed, many luxury retailers’ staff use web chats for more personal shopping assistance to guide customers through their purchase journey. Similar to e-commerce transactions, these purchases demand a frictionless and flexible payment experience – one that doesn’t hinder the joy of shopping while protecting the customer and merchant from fraud.

Figures indicate a sharp increase in unauthorised payment fraud.

The Irish Times, for instance, reported that the value of unauthorised electronic payment frauds stood at €21.5 million for the second half of 2021 in Ireland. Learn more here.

This serves as a stark reminder that customers must be mindful of not sharing sensitive information with third parties, including calling out their card details over the phone. Retailers are also susceptible to higher volumes of chargebacks, which can have a serious impact on revenue during the busiest time of the year.

Many retailers have adopted Prommt Payment Requests to ensure a safer, more secure method of payment:
  • Prommt safeguards customers’ card details by avoiding exposure of sensitive card data to the merchant. Payment information is passed directly from the payer to the merchant’s payment gateway.
  • Prommt minimises the risk of fraud and chargebacks for the merchant as customers are authenticated through a 3D Secure payment process.
  • Prommt offers payment flexibility – alternatives include card and direct from the customer’s bank, known as Pay by Bank. Pay by Bank eliminates card fraud and significantly reduces payment operations cost.

Additionally, we enhance the overall payment experience by providing a quicker, easier and more convenient payment option for consumers through card and bank transfer. Rather than chasing payment over the phone with each individual customer, Prommt minimises payment administration by enabling retailers to send multiple, merchant-branded payment requests instantaneously, and manage payment reminders or customer refunds quickly and seamlessly (which is particularly important this time of year as many will change their mind after purchase). With live status tracking and insights, staff can trace who has received and opened the checkout page with visibility of what payments have been made or are still pending.

Keep security top of mind this festive season with Prommt’s secure, trusted and branded payment requests!
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About Prommt

Prommt helps businesses maximise the success of remote payments, enabling them to send secure, branded payment requests to customers, requesting payment by card or bank in a quick and easy way. Our solution offers a seamless way to deliver remote transactions with a highly personalised, bespoke customer buying journey. Prommt is an enterprise grade solution that is built for teams, supporting multiple locations, reporting, and alerting capabilities.