Forter, a trust platform for digital commerce, has announced that ChicMe, a leading online women’s fashion brand, selected Forter to support its global expansion by improving payment processing, reducing fraud and increasing order fulfilment efficiency.
As a result of the partnership, the retailer has already reduced fraud-related payment refusals, increased payment transaction rates and significantly improved the manual review process for uncertain orders.
ChicMe, a Geeko Tech fashion brand already popular in North America and Europe, experienced rapid growth throughout 2022 in Latin American markets such as Mexico and Brazil.
ChicMe sought a fraud prevention solution after encountering challenges with its payment and risk control processes in its emerging markets. An increase in fraudulent transactions in Latin America, for instance, directly impacted its profit margin and compromised its banking channels.
According to Forter’s research, denying legitimate transactions can cause up to 75 times more lost revenue for merchants than fraud. Known as ‘false declines’, these occurrences are more likely to hit new customers. New shoppers are five to seven times more likely to be declined by legacy fraud tools than returning customers. Forty percent of those shoppers who are falsely declined will then move on to purchase from a competitor instead. Knowing this risk, ChicMe sought to reverse these challenges and improve the user experience across all regions.
