Cathy is the Head of Fraud Protection at Bolt, driving product strategy, operations, and GTM for the Bolt Approve offering. Previously, she worked in technology private equity at Silver Lake, where she was first introduced to ecommerce fraud via online gift card sales while working on the Blackhawk transaction. She also spent time at the Boston Consulting Group in San Francisco serving financial services clients.
Declined transactions can have a serious impact on your revenue. In addition to leaving money on the table, false declines can hurt your customer experience and discourage shoppers from buying from your store in the future.
Allocating in-house resources to verify each suspicious order is a very time-intensive process. Your risk team needs to confirm that the customer actually authorized the purchase. This is valuable time that could be better spent growing other areas of your business.
When measuring the true cost of fraud, retailers tend to focus only on the value of lost goods. Merchant account closures, chargeback fees, and lost time are additional costs retailers need to consider when evaluating fraud’s impact on your business.