‘Invisible Security’ and New Rules for Payment Experience
Retail Remix · with David Britton · June 25, 2021 · 35 min
Summary
This episode emphasizes the critical need for retailers to integrate robust, yet "invisible" security measures into their payment experiences. Modern consumers expect seamless, omnichannel transactions, but this expanded digital footprint also creates new fraud vectors. The key takeaway is how to leverage data and technology to achieve both strong fraud prevention and a delightful, friction-less customer journey, rather than treating them as opposing forces.
Key takeaways
Fraudsters exploit gaps between channels; unifying customer interactions across all channels helps close these gaps and mitigate fraud risks.
Rethink fraud prevention: Instead of balancing security against customer experience, use integrated data and technology to improve both concurrently.
Shift the burden of proof from the customer to the business by implementing 'invisible security' authentication methods, moving beyond traditional passwords.
Understand your 'attack rate' to right-size fraud solutions; generic security measures can block legitimate customers and harm conversion.
Recognize that consumer expectations for digital interactions and payment options continue to accelerate, necessitating adaptable and proactive security strategies.
The payment experience has always been convoluted and clunky, especially when consumers’ need to authenticate their information. But in the new retail era, consumers want security to be ever-present yet invisible throughout their shopping experiences. During this episode of Retail Remix, David Britton of Experian shares how retailers can respond and still be mindful of new security trends and fraud methods.
What does this episode say about retail & omnichannel?
Fraudsters exploit gaps between channels; unifying customer interactions across all channels helps close these gaps and mitigate fraud risks.
What does this episode say about conversion & cro?
Rethink fraud prevention: Instead of balancing security against customer experience, use integrated data and technology to improve both concurrently.
What does this episode say about ai & automation?
Shift the burden of proof from the customer to the business by implementing 'invisible security' authentication methods, moving beyond traditional passwords.
What does this episode say about customer retention?
Understand your 'attack rate' to right-size fraud solutions; generic security measures can block legitimate customers and harm conversion.
What does this episode say about retail & omnichannel?
Recognize that consumer expectations for digital interactions and payment options continue to accelerate, necessitating adaptable and proactive security strategies.
