Displaying items by tag: Retail

Loyalty program Flybuys has built a new Snowflake-based platform for sharing data between participating retailers.

There will be a massive $224 billion economic dividend for the Australian economy by turbo-charging investments in digital transformation, according to new economic analysis just published for the first time.

GUEST OPINION by Mark Fazackerley, Regional Vice President Australia and New Zealand at Talend:  Thanks to vast reserves of many resources, including oil, coal and minerals, Australia’s resources sector has grown to become a crucial part of the national economy.

Australia's managers consistently overrate both their own — and their organisation's — efficacy at engaging and recognising the value of employees, according to a new study commissioned by Achievers, the progressive choice for employee voice and recognition solutions that accelerate a culture of performance.

Verifying Identity and Determining Transaction Origination are Common Challenges Across Australia, Hong Kong, Japan and India

GUEST RESEARCH:  LexisNexis® Risk Solutions today released its 2021 True Cost of Fraud™ APAC Study covering the retail, ecommerce, financial services and lending sectors for Australia, Hong Kong, India and Japan. The study provides a snapshot of fraud trends in the Asia Pacific (APAC) region during the pandemic and spotlights key pain points for firms in relation to navigating new payment mechanisms, transacting through online and mobile channels and expanding internationally.

The cost of fraud for retail, ecommerce and financial institutions in the surveyed markets is high. The LexisNexis Fraud Multiplier™ – the total amount of loss a firm occurs based on the actual U.S. dollar value of a fraudulent transaction – shows the cost per transaction is $3.51 in Australia; $3.61 in Hong Kong, $3.87 in Japan and $3.84 in India. All four countries reported higher costs per transaction than the regional 2019 average that involved other APAC markets at $3.40.

A combination of factors is driving the high cost of fraud, including market events influencing the use of transaction channels/payment methods, the challenges that businesses face when assessing fraud with these transactions and the less than optimal approach that businesses take towards fraud detection, prevention and minimizing customer friction.

The report’s findings stem from a comprehensive survey of 418 risk and fraud executives in retail, ecommerce, financial services and lending companies in the APAC region in 2021.

Key findings from the LexisNexis Risk Solutions True Cost of Fraud APAC Report:

• Financial Institutions Tend to Have Higher Costs – Given the heavy account-based nature of their business and the need to repay fraud losses to customer accounts, financial institutions often employ more internal and external labor for investigation, detection and recovery. On average they spend $3.78 per transaction in Australia, $4.70 in Hong Kong, $4.46 in Japan and $4.76 in India.

• The Effect of the Pandemic – The pandemic has presented the same challenges to the Australian, Hong Kong, Japanese and Indian markets such as shutdowns, fear of in-person contact and fear of transmission, though the disruption was not equal. Each market saw a marked increase in the use of digital transactions and digital payment methods while cash and in-person payments dropped. However, Hong Kong and India changed more fundamentally as these markets have traditionally had more in-person and cash-driven transactions. Businesses in both markets needed to adapt quickly and many were unprepared from a fraud detection standpoint.

• Identity Verification Remains a Top Challenge – Common online and mobile channel challenges across markets included identity verification and determining transaction origination. The rise of synthetic identities was the most common source of identity verification issues. Ecommerce merchants indicated that transaction origination is more commonly cited as a challenge due to their limited use of solutions to capture device ID and geolocation. The rise of mobile and digital wallets as well as other contactless payment methods has created difficulty for many ecommerce merchants when assessing fraud risk related to these channels.

• Limited Use of Best-Practice Fraud Detection/Mitigation Approach – The use of digital/passive identity authentication solutions and transaction risk assessment solutions was limited in the Australia and Hong Kong markets. The number of organizations that integrated cybersecurity and/or digital customer experience with fraud operations was also limited in both markets. The ecommerce sector for the Hong Kong market is an outlier as it is fairly nascent and still in a development stage. This is primarily because Hong Kong, a highly developed territory, has enabled easy access to area businesses and in-person transactions have been much more common than those made online.

Cameron Church, director of fraud and identity, LexisNexis Risk Solutions, said, “As fraudsters become more sophisticated and their methods more complex, businesses need a robust fraud and security technology platform that helps them adapt to a changing environment, offering strong fraud management while maintaining a low-friction customer experience. A successful fraud detection and prevention approach involves an integration of technology, cybersecurity and digital experience programs to address unique risks from different transaction channels and payment methods.

“High fraud costs impact ecommerce merchants, retailers and financial institutions as they increase each year – even without the influence of COVID-19,” continued Church. “With sophisticated threats on the rise, taking a multi-layered solution approach has proven to be the most effective way to fight fraud across various channels and transaction types, as well as performing a more complete assessment that combines physical and digital identity data analysis. Using different solutions to support fraud detection at various points throughout the customer journey will strengthen a firm’s overall defense.”

Download a copy of the True Cost of Fraud APAC Report or register to attend the LexisNexis Risk Solutions Digital Identity Summit webinar on Thursday 8 July, 11am SGT to learn more.

About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Pharmacy group Chemist Warehouse has announced that e-receipts will be issued on request following its adoption of the Slyp e-receipt technology.

Camera retailer digiDirect is expanding into computers, mobile phones, gaming and streaming products, and has made two appointments to support the move.

There has been an exponential rise in the number of of credential stuffing attacks - or automated attempts to compromise a large number of user accounts with stolen credentials - according to the latest cybersecurity report from identity platform provider Auth0.

With deliveries for customers who pre-ordered starting Friday May 21, and in-store availability from that date too, customers will be as happy as competitors will be quaking, for Apple’s latest and greatest represents its best technologies yet.

In what appears to be an overabundance of caution, Australian office supplies and technology retailer Officeworks has temporarily pulled Apple's AirTags from sale.

Australian supermarket Coles has tapped RELEX Solutions, a provider of retail optimisation software, to “centralise its ordering systems, improve food freshness, and reduce food waste.”

CHANNEL NEWS: EVANPOYNT has announced a compelling partnership with Stylumia Intelligence Technology (Stylumia) to market their differentiated AI driven retail solutions exclusively within Australia and New Zealand.

Zebra's A/NZ director, Tom Christodoulou, and Daniel Park, Sales Engineer Manager, reveal in an exclusive video interview, what customers want in a post-COVID world, leading to retailers quickly adapting to an on-demand reality augmented by enterprise-grade technology delivering connectivity, productivity and customer satisfaction as never before.

Zebra's A/NZ director, Tom Christodoulou, and Daniel Park, Sales Engineer Manager, reveal in an exclusive video interview, what customers want in a post-COVID world, leading to retailers quickly adapting to an on-demand reality augmented by enterprise-grade technology delivering connectivity, productivity and customer satisfaction as never before.

The New Zealand arm of home improvement retailer Mitra 10 aims to "increase operational efficiency while modernising execution and communication processes across stores".

In a move that has set off alarm bells with licensees worried that Telstra won't pay them the proper market value for their stores, Telstra announced its intention "to transition to full Telstra ownership for its bricks and mortar branded retail stores across Australia".

Sensormatic says it lets you "unify diverse data and insights" with its new intelligent operating platform "designed to drive improved shopper experiences and retail outcomes".

Prominent online retailer Kogan ran false and misleading promotions, according to the Federal Court.

Taking up the fight to Optus’ price match scheme, Telstra has started one of its own, so that “If you find a better price for an Australian retailer on a huge range of post-paid phones within 7 days of receipt of the phone, we’ll credit your bill”.

It’s the most wonderful time of the year, with the cash registers belling and everyone telling you oh what a year, it’s the hap-happiest sales season of all - Black Friday week and Cyber Monday the next!