Online Retailers and Banks Struggle With Recognizing and Serving Trusted Digital Consumers
Press Release, News
SAN JOSE, CA(Marketwired - Aug 8, 2013) - 41st Parameter, the global leader in securing online relationships, warns that banks and retailers face an increasingly tough challenge in today's world: establishing who can be trusted in digital transactions. To provide insights to this predicament, 41st Parameter's TrustInsight division has published a whitepaper that examines how merchants and banks can identify trusted customers through a crowd sourced combination of privacy-protected transaction history and device recognition. The Power of Trust whitepaper is available here.
Consumers have become more comfortable, and even somewhat dependent, on using their mobile devices for eCommerce transactions. Unfortunately, in this anonymous digital world, security can be compromised and legitimate customers are sometimes wrongly suspected of fraud. This is especially true given the fact that 41st Parameter found approximately 70 percent of online purchases are made by previously unrecognized customers on a site. This makes the ability to establish trust crucial for everyone engaged in a digital transaction. Consumers want the confidence that their transaction will be fulfilled, retailers want the assurance that they will be paid for the goods or services they provide, and credit card companies want to know they won't be stuck holding the bag for chargebacks or other forms of fraud.
"Today, merchants are under increasing pressure to provide robust services through digital channels. Merchants want to reduce the friction of interacting with a wider base of customers while consumers desire convenient transactions in the palm of their hands literally," said Ori Eisen, founder, chairman and chief innovation officer, 41st Parameter and mastermind behind the revolutionary TrustInsight division. "To help establish an environment of measureable trust, merchants and financial institutions will discover that by better understanding their customers through their devices and relying on shared history of previous digital behaviors, while protecting privacy, will help remove the barriers and increase their success."