CardinalCommerce and The Fraud Practice Announce Results from 2nd Annual Survey on Consumer Authentication
Cleveland, OH (PRWEB) March 26, 2015 -- CardinalCommerce and The Fraud Practice announce the results of the second annual survey on Consumer Authentication. This survey, which takes a 360 degree view of the payments eco-system, builds on the data collected last year and provides rich information on the attitudes about and adoption of Consumer Authentication today. The results were presented yesterday during the Merchant Risk Council event in Las Vegas.
Among the responses, it was discovered that the overwhelming impression of merchants currently using Consumer Authentication is positive. Other findings of note include:
• Merchants are more likely to see better results when using selective presentment with Consumer Authentication;
• 78% of merchants using Consumer Authentication are satisfied with the service, with nearly two-thirds reporting a reduction in chargebacks;
• Merchants now value the reduction in fraud from using Consumer Authentication as the strongest benefit, over the liability shift, which was the most valued benefit in last year’s survey.
David Montague, Founder of The Fraud Practice, says “This year’s survey showed increased market awareness and education around Consumer Authentication programs, especially around how these techniques are applied. The share of merchants who selectively decide when to present Consumer Authentication increased from 60 to 70 percent, while merchants using selective presentment are more satisfied with Consumer Authentication overall. These programs have and are continuing to evolve, and the fact that more merchants understand how to best implement Consumer Authentication bodes well for the payments industry as a whole.”
Mike Keresman, Chief Executive Officer at Cardinal, says “For the second year, our colleagues in the payments industry have endorsed Consumer Authentication as an up and coming technology that helps the entire payments ecosystem combat card-not-present fraud and increase sales and margins. With this Second Annual Consumer Authentication Survey, we are seeing more acceptance and adoption of Consumer Authentication by merchants, issuers and consumers, in the US and all over the world. There’s proof that it works, and merchants and banks see the benefit.”
Cardinal and The Fraud Practice will also present these survey results via a webinar, scheduled for Thursday, April 16 at 2:00 p.m. Eastern Time. David Montague, Founder of The Fraud Practice, industry expert and survey author, will serve as moderator. To register for the webinar, visit: http://info.cardinalcommerce.com/2015CardinalSurveyResultsWebinar
In this Consumer Authentication Survey, more than 400 people responded, representing constituents across the payments industry: merchants, acquirers and payment solution providers (including gateways), card associations, issuers, and fraud/eCommerce providers.
The merchant respondents, 44% of the total, are split evenly between merchants using Consumer Authentication and those not using it. Company size of merchants was also diverse, with 64% of responses coming from companies with more than $50 million in revenue, 20% coming from companies with less than $5 million in revenue, and the remaining 16% falling between $5 and $50 million in revenue. The remaining respondents are as follows: 18.2% are acquirers and PSPs; 27.3% are fraud and eCommerce service providers; 4.4% are card associations; and 6% are issuers.
To download the complete report, visit http://hubs.ly/y0CD-00
About CardinalCommerce
CardinalCommerce is the pioneer and global leader in enabling authenticated payment transactions in the card-not-present payments industry since 1999. Through One Connection to the proprietary Cardinal SafeCloudTM payment platform, CardinalCommerce enables friction-free, technology-neutral authentication and alternative payment services (including digital wallets and mobile commerce services). Cardinal services, partners with and complements most providers in the marketplace to deliver their one connection solution to secure transactions. In accommodating this growing number of payment brands and methods, Cardinal's platforms serve as universal switches, supporting virtually all merchant platforms, wallets, legacy processing systems and authentication methodologies.
CardinalCommerce is headquartered in Cleveland, Ohio and services a worldwide Customer base from facilities in the United States, Europe and Africa. For more information, visit http://www.cardinalcommerce.com.
About The Fraud Practice
The Fraud Practice is a privately held US LLC based in Sarasota, Florida. The Fraud Practice provides consulting services on eCommerce payments, fraud prevention, and credit granting as well as prepared research and training for payment and fraud professionals. Businesses throughout the world rely on The Fraud Practice to help them build and manage their payment, fraud, and risk prevention strategies.
Media contact:
Tara Lavelle
Vice President, Marketing
CardinalCommerce Corporation
877.352.8444
tlavelle(at)cardinalcommerce(dot)com
Tara Lavelle, CardinalCommerce, +1 (440) 352-8444 Ext: 228, [email protected]
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