New Experian Link™ Solution Enables Merchants to Improve Conversion Rates and Reduce False Declines
26 Juillet 2022 - 03:00PM
Business Wire
Innovative offering helps online merchants link
a consumer’s identity with an online payment method without
additional friction for the customer
In a move that will help all merchants that accept digital
payments increase online sales and reduce fraud, Experian® today
announced Experian Link™. Experian is the first credit reporting
agency to link a consumer’s identity with a payment method in the
payment space, enabling businesses to provide customers with a
frictionless online experience.
“Now more than ever, businesses must quickly and accurately
verify identities in order to increase online sales and minimize
fraud risk,” said Kathleen Peters, chief innovation officer,
Experian Decision Analytics North America. “Experian Link will
empower businesses to confidently recognize, verify and protect
consumers while providing a seamless shopping experience.”
Increase online sales without higher fraud losses through
Experian Link
Online merchants are regularly challenged by false declines,
which occur when a good customer is suspected of fraud and then
prevented from completing a purchase. Aite-Novarica Group’s The
E-Commerce Fraud Enigma: The Quest to Maximize Revenue While
Minimizing Fraud Report found the average false decline rate is
1.16%. With over $960 billion in U.S. online sales in 2021, lost
sales due to false declines total more than $11 billion, a
substantial impact for merchants and their customers.
Merchants use a variety of solutions to prevent fraud today but
many legacy fraud solutions continue to fall short of providing
adequate insight into the identity of the customer. Experian Link
delivers the opportunity for merchants to augment their real-time
decisions with a perspective that links customer identity risks to
the credit card being presented for payment.
By accurately matching customers to their credit card, merchants
can lessen the impact of false declines and customers enjoy a
better, safer shopping experience. The Aite-Novarica Group’s report
showed that nearly half of the e-commerce merchants surveyed are
tolerating fraud rates between 20 and 49 basis points.
Experian Link can improve that as it provides a positive match
rate of 85% for major credit card brands, and when an identity is
verified against a credit card, fraud rates can drop to as low as
10 basis points with no added customer friction.
Incorporating Experian Link into the authorization process for
digital transactions will help companies build trust with good
customers by allowing them to safely sign-up and checkout while
spotting potential fraud and reducing decline rates. It can also
help merchants reduce operational costs by preventing fraudulent
credit card use upfront, lessening expensive manual reviews and
chargebacks.
“The data used to authorize an online credit card transaction
can be limited, which can make it tough for businesses to verify
identities and therefore reduces sales with legitimate customers,”
said Julie Conroy, head of risk insights and advisory for
Aite-Novarica Group. “Our most recent report found that 88% of
surveyed e-commerce merchants are open to new ways to securely
share data with issuers to help with their goals of maximizing
sales, minimizing friction and reducing false declines. By enabling
companies to augment fraud risk assessments with real-time data,
they can better achieve their goals.”
Experian Link is another example of Experian’s commitment to
helping businesses verify identities, combat fraud, and protect
consumers. Experian’s suite of automated fraud prevention and
identity verification tools allow businesses across industries to
harness the power of data and advanced analytics.
For more information about Experian Link, please visit:
https://www.experian.com/business/products/experian-link.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian trademarks used herein are trademarks
or registered trademarks of Experian. Other product or company
names mentioned herein are the property of their respective
owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220726005384/en/
Annie Russell Experian Public Relations (949) 683-5243
Annie.Russell@experian.com
Experian (LSE:EXPN)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Experian (LSE:EXPN)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024