57.5% of all shoppers use the omnichannel service, but only 31.6% describe it as being a smooth process, according to a new report.
The vendor has added analytics from large-scale number cruncher Datameer into its platform to help it more accurately spot fraud in online transactions.
Technology provider Trustev, which validates consumers’ identities during online transactions for e-retailers, has beefed up its ability to quickly and accurately make fraud-or-not decisions. It added the ability to process more types of data at larger volumes—and fast—by integrating “big data” analytics functionality from vendor Datameer Inc. to its platform.
Datameer is an analytics application built on top of the open-source big data engine Hadoop. Other businesses can integrate the technology into their own software by following an installation wizard, then manage the analyses it performs without needing to code, the company says. It also provides visualizations of the analytics in an interactive dashboard.
Founded in 2013 in Cork, Ireland, Trustev needed a big data analytics tool in order to quickly put together the behavioral, transactional and social data it collects on online shoppers to determine whether they are who they claim to be, the company says. Datameer helps Trustev’s algorithms to return results in seconds rather than minutes, it says. That enables Trustev to provide an e-retailer client with a nearly instant analysis of the risk of the transaction.
“Analyzing and processing the huge volumes of data that Trustev uses, and then delivering a result in real time wouldn’t be possible without the data analytics provided by Datameer,” says Chris Kennedy, Trustev co-founder and chief technology officer. The company is also using Datameer’s visualization features to present its fraud detection analyses in a more helpful way to e-retailer clients.
“Fraud is a huge issue for online retailers, particularly with card-not-present transactions,” says Tim Toews, a senior consultant at e-commerce consultancy FitForCommerce. “Anything that can reduce the number of unrecoverable chargebacks would be of interest to most e-commerce operators and would likely pay for itself quickly.”