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Removing Bots and Reducing New Account Fraud

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OVERVIEW

In this case study, a medium sized multinational e-commerce site with an increasing amount of fraud, is faced with the challenge to limit fraud losses without adding friction to their checkout process. Legacy security solutions lowered fraud but added friction to the checkout process, lowering customer willingness to complete purchases. Additionally, the legacy solutions were bad at detecting fraud in growing markets where there were less previous purchase history to base the e-commerce authentication on. Upon evaluating security vendors for a frictionless scalable solution, they selected BehavioSec for its enterprise-grade capabilities with cross-country cloud deployment and integration with existing fraud systems.

INDUSTRY

  • E-commerce

 

ENVIRONMENT

Fast growing multinational online merchant

Problem

  • Increasing amount of bot and malware related fraud.
  • High amount of first time fraud, especially in newer markets.
  • Customers are very sensitive to changes in the user experience. Any added friction drastically reduces willingness to complete a purchase.

Solution

  • Drastically lowered rate of first time fraud.
  • Near elimination of machine related attacks.
  • Transparently verifying repeat customers, reducing risk and purchase friction.

THE CHALLENGE – BEFORE BEHAVIOSEC

The increasing exposure to new markets created needed growth for the merchant, however this also created more exposure to new types of fraud. The rise in fraud and accompanied manual review cost, narrowed the already thin industry margins. Additional security methods were able to lower fraud but these methods were having an adverse impact on growth because they introduced further friction to the checkout process (lowering conversion rates). Searching for nonintrusive ways to lower fraud, the merchant found BehavioSec’s Behavioral Biometrics software and started an evaluation of the solution.

THE SOLUTION – AFTER BEHAVIOSEC

BehavioSec’s Behavioral Biometrics software was implemented on the merchant’s web channel, protecting browser-based action from both desktops and mobile devices. The continuous authentication capabilities allowed the merchant to simplify their checkout procedure and improve the conversion rate, without an increase in fraud losses. The unique verification of returning customers allowed the merchant to further simplify the purchase procedure for their most loyal users, greatly improving margins. The scalability of BehavioSec’s solution has allowed the company to improve its security across all their sites across nations, without added friction to their user experience.

SUMMARY

BehavioSec’s Behavioral Biometrics software has empowered this merchant to continuously authenticate its returning customers while simultaneously reducing fraud losses due to first-time fraud. The merchant has drastically reduced manual review, freeing time for thier fraud team to take a proactive, rather than reactive approach to fraud. BehavioSec has become a key part of the merchant’s security features, lowering new-account-fraud losses without negative impact on conversion rates.