Technology is Helping Businesses Guard Against Sales Fraud
Business owners agree that fraud has become a huge problem. More and more companies are focusing their efforts on preventing fraudulent orders and protecting their customer’s information. One company in particular, PetSmart, appears to be making great progress.
PetSmart’s e-commerce investigations team has been using fraud prevention technology that includes AI and advanced machine learning. So far, PetSmart has successfully caught criminals through these high-tech methods. Last year alone, the company saved $12 million by finding fraudulent orders before they were shipped.
When you consider labor loss, merchandise costs, shipping costs, chargebacks, fees and fines, it easily translates to $3 to $3.50 for every dollar in fraudulent charges – an annual total of around $12 million. This year, the figure has already reach $1.5 million for the fiscal year (which began February 1). Chad Evans, manager of e-commerce investigations of PetSmart, says they expect to catch more fraudulent orders this …
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