It’s convenient, it’s fast, and it’s the most popular purchase method available today: that’s right, we’re talking about online payments.
With a staggering 2.14 billion people worldwide purchasing online (WOW!), it’s no surprise online purchases carry a higher risk of fraud when compared to other buying methods in part due to the anonymity that the Internet provides. Scary, huh?
Regardless of whether the fraud is friendly (meaning the purchaser is simply unhappy with the end product/service and issues a chargeback) or occurs deliberately through illegally stolen details, there are plenty of ways to mitigate fraud and reduce chargebacks to ensure your business' security.
Powered by Adyen, ROLLER® Payments is a commerce solution designed to manage payments with ease. It allows venues like yours to manage refunds, chargebacks and conduct reconciliations more efficiently while seamlessly integrating your revenue reports into the one platform for added convenience. And while it ticks a lot of boxes, we know you’re curious as to whether or not it’s safe for those billions of people worldwide making purchases online – some of whom are your venue’s guests.
ROLLER® Payments supports end-to-end encryption on payments to not only detect fraudulent transactions but to prevent them from even occurring in the first place. That’s right, you heard it here first. We’re taking a proactive approach to security and mitigating the risk at the onset.
Offering the highest standard of security ensures both guests and venues are protected against fraudulent transactions through a range of fraud protection tools, including Strong Customer Authentication (SCA). Sounds fancy right?
Join us as we explore how you can boost transaction security to provide a better Guest Experience and keep your business and guests safe.
Not-so risky business thanks to Risk Profiling
The old saying goes ‘prevention is better than cure’ and the same can be said when it comes to payment protection.
Risk Rules can enhance security in a number of ways, including:
- Velocity Checks - Placing limits on certain activities
- Consistency Rules - Comparing existing guest behaviors and data to detect inconsistencies and fraud
- Referral Rules - Using lists of known good and bad shoppers to prevent fraudsters from carrying out transactions (think of it like that annoying friend who spams you on Facebook)
At ROLLER, our experience across the industry puts us in a unique position where we can offer specifically configured Risk Rules to head off fraudulent transactions before they occur.
Some examples of Velocity Checks include:
- Card/Bank account number used more than x times within a time period
- Shopper IP used more than x times within a time period
- Ensuring a transaction isn’t made from an unreasonable distance from the venue
By setting up these Risk Rules, we can also apply a score to them to ensure that they’re being met to either allow transactions to continue or block them as fraudulent.
Dynamic 3D Secure Authentication: Lowering risk for high rewards
ROLLER® Payments also operates Dynamic 3D Secure Authentication (3DS) for selected payments for added assurance. 3DS is a safe, online payment service available for Visa and MasterCard cards and involves the issuing bank providing some sort of verification code to verify the transaction.
This can come in the form of:
- Verifying date of birth
- Verification via an SMS link
- Verification via a bank-issues code
By shifting liability to banks, security becomes even stronger against those using stolen bank details.
ROLLER® Payments - The facts and figures
In all of this, you’re probably wondering how many transactions are processed successfully with so many hoops to jump through! Thankfully, unlike those mind-numbing ‘prove you’re not a robot’ Recaptcha obstacles, ROLLER® Payments have made the process seamless and as behind-the-scenes as possible.
ROLLER’s authorization rate (how many transactions are pass through safely compared to all transitions made) sits at an incredibly high rate of 95% and also demonstrated a significant decrease in chargebacks overall.*
In September 2021 alone, of the 179 incidences of fraud reported through ROLLER® Payments, 134 (74.9%) of these experienced no result of fraud or chargeback.*
Pave the way for safer transactions
Year on year, transaction fraud increases in frequency for all lines of business in every country across the globe. When fraud losses worldwide are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years venues like yours simply cannot afford to ignore the importance of ensuring the security of transactions.
By blocking unsavory accounts, monitoring buying behaviors to track out-of-character spending, and comparing the consistency of data you can offer greater security and a better Guest Experience to your guests. ROLLER® Payments simplifies the secure handling of transactions, manages revenue reports, and houses all your transaction information in one, safe and easy-to-use platform.
Reach out to our support team to learn more or start using ROLLER® Payments so you can enhance your guest experience and lead the charge against transaction fraud.
*Insights taken from internal ROLLER data