Fight fraud in an Ecommerce business It is one of the main concerns of all online store owners. The reason for this is very simple, this type of problem can cause a loss of sales, compromise security and significantly affect the overall success of the business.
Most common types of online fraud
Because the Cybercrime uses a variety of ways to breach site security In e-commerce, for online business owners, it can be difficult to identify potentially fraudulent transactions. Some of the types of online fraud most common include:
- Credit and debit card fraud
- Identity Theft
- Delivery address fraud
- Fraud in international purchases
- Fraud caused by malware
How to protect an Ecommerce business from fraud?
While all these threats to buyer safety are serious and potentially harmful to your ecommerce, there are a series of preventive measures that you can implement to minimize the risk of fraud in your online business. For example:
- Put in place security systems for payment with credit cards, such as MasterCard SegureCode or Verified by Visa.
- Make sure your payment platform supports the AVS (Adress Verification Service), CV2 or 3D Secure protocol.
- It uses a fraud profiling service such as FraudWatch, which has the ability to detect potentially fraudulent purchase orders before they are even processed.
Check the customer information and data. Is it the cardholder? Is your order so high in value that it can be easily resold?
Make sure the delivery address is valid. You may want to avoid sending products to PO boxes as they are often used as fake addresses.
If the billing and shipping addresses are different, this could be a red flag, even more so if the buyer chooses expedited shipping.