SNIPES deploys Forter fraud detection tech
Lifestyle retailer, SNIPES, is using Forter’s real-time, automated fraud prevention platform.
“The streetwear industry in particular is rampant with fraud as people are willing to pay high prices for a limited supply of shoes,” says Jenna Flateman Posner, VP of Digital at SNIPES.
Over the last few months, it has been faced with closing all its stores and finding new ways to compete, attract and retain customers. In addition to delivering a good online service, this meant offering promotions and favourable return policies without opening up the business to potential fraudsters.
The company previously used a manual review process to detect fraud, which, it says, could take several days during peak periods and delivered inconsistent results.
"The biggest value we've seen since implementing Forter has been removing the manual review process. By automating the process, our approval rates have jumped to more than 97% while chargebacks are almost zero,” says Flateman Posner.
“Our customer service reps now spend more time helping customers successfully place orders rather than dispute charges or query declined transactions. We're also seeing fraudsters leave our site as they realise they can't play the game anymore because there is no game.”
