Last year in e-commerce there was an increase in fraud of 30% among purchases at the end of the previous year, according to a study by the ACIWorldwide.
This means that approximately one purchase in 97 was found to be fraudulent. The fraud It is not something that is on the wish list of an e-commerce seller, but you have to face reality and try to avoid it at all costs.
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How to do it? Here are some solutions to prevent this from happening in your business:
Plan and document year-end sales:
Year-end sales are up about 12 percent this year, so transactions to review and overall site movement need more attention. Devising a plan to handle this increased movement will go a long way toward maintaining order on the site and preventing unexpected situations from occurring.
Keep an eye on the metrics at all times:
You are going to find a general increase in transactions during this time, so try to keep an eye at all times observing any type of abnormality that may appear in the metrics that indicates possible fraud, such as abnormal increases on some specific product. Some companies offer automated solutions to review and regulate all these types of situations, in this way large companies do not have to do it manually.
When it comes to buying patterns, always expect the unexpected:
Customers have strange buying habits during year-end sales, so it is normal for unusual behavior to occur during this time, for example, for a customer to buy an expensive watch and ask for it to be shipped across the country. Keeping track of last year's sales can go a long way in trying to identify expected customer buying patterns and predict what might happen, thus checking for any unusual movement.