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Should we view online shopping the same as online banking when it comes to fraud prevention? That was the question explored last week at eRisk – London by Masha Cilliers, founder of Payment Options Ltd. Retailers should consider how the financial services industry implements know your customer (KYC) tools and how retailers can leverage that experience. Interesting development.

Cilliers gave a preview of her conference talk to Retail Risk News. You can read the full article here: news.retailrisk.com

The essence of Cilliers’ assertion is that retailers and consumers bear significant costs due to fraud, and new tools to unmask illicit activity within the financial sector is equally valuable in the retail sector. Interestingly, she told her interviewer, online merchants have taken steps to automate transaction fraud, but exceptions and manual reviews are still too common, and frustrating. In one example, a merchant requested consumers who were flagged as potentially fraudulent to email a copy of their passport and proof of address.

“While there was an understandable need for additional precautions, asking consumers to send copies of documents by email is clearly far from ideal, especially in this particular case where service delivery was immediately after placing the order,” Cilliers said.

KYC software tools abound for identification validation and screening against global watch lists and blacklists. New API integrations have simplified their use within proprietary and commercial platforms. Forward-thinking financial sector firms have made validations and screening an in-line part of the customer engagement process. That’s one good way to keep the line moving.

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