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Frauds are one of the major concerns of all the eCommerce businesses regardless of whether you\u2019re an eCommerce giant or a small-sized online business, you\u2019re at risk. The risk of hacking and phishing is always there.<\/p>\n
By the year 2021, worldwide retail eCommerce sales will reach $4.5 trillion<\/strong>, increasing online fraudsters\u2019 incentives to innovate their tactics.<\/p>\n As much these stats inspire and give you a ray of hope, they should also jolt your business sense into realizing that eCommerce fraud is an issue and that you need to protect your business at all costs.<\/p>\n What you can do at your end to minimize the probability of your website getting hacked or the fraudsters stealing your consumer\u2019s data including personal and payment details from your database matters the most.<\/p>\n Well, before we start with the tips to combat fraud, let\u2019s have a look at<\/p>\n Who\u2019s at Risk of Online Fraud? Moreover, eCommerce stores are at the risk of losing the customer\u2019s data in wrong hands in case of any security lapse.\u00a0Thus, installing the latest security patches on your site will help you to safeguard the website from the attacks of malicious software and safeguard the customer\u2019s data.<\/p>\n This said and done, it\u2019s time to discover what needs to be monitored in case of an attempted fraud. In layman\u2019s language, how will you know when any credit card fraud is happening on your site?<\/p>\n Yes, there are some signs that give a clue and you should definitely pay attention to these signs.<\/p>\n We\u2019ve listed some potential indicators of transactions that are very likely to be attempted credit card fraud.<\/p>\n Indicators <\/b><\/strong>of C<\/b><\/strong>redit<\/b><\/strong>\/Debit<\/b><\/strong>\u00a0<\/b><\/strong>C<\/b><\/strong>ard <\/b><\/strong>F<\/b><\/strong>raud These are just some of the common yet most avoided things that you need to be aware of. These indicators do not necessarily mean that you are dealing with a fraudster. Even so, you must be aware of them before shipping out an order.<\/p>\n Let\u2019s get straight to<\/p>\n Scrutinize <\/b><\/strong>the <\/b><\/strong>T<\/b><\/strong>ransaction <\/b><\/strong>B<\/b><\/strong>ehavio<\/b><\/strong>u<\/b><\/strong>r You can choose to investigate any specific transaction, that doesn\u2019t seem normal, by finding out if the name and the address match. Further, take a look at the IP\u00a0address to know the location and identify if the purchase is legitimate or a scammer\u00a0is trying to trick you.<\/p>\n In addition to this, you also have the option of using the AVS system (Address Verification Service) which is specifically meant to identify credit card fraud on the internet. It helps compare the billing address with the address in the records of the credit card company. Be careful with the differences in billing and shipping addresses, especially when the customer insists on expedited shipping.<\/p>\n Note<\/b><\/strong>: Sometimes different billing and shipping addresses may just mean that your customer is purchasing a gift for someone and sending it to a different address.<\/p>\n Use a <\/b><\/strong>F<\/b><\/strong>raud <\/b><\/strong>D<\/b><\/strong>etection <\/b><\/strong>S<\/b><\/strong>ystem Luckily, PrestaShop offers a number of these systems such as\u00a0NS8 Protect and Clearhaus. These are\u00a0among the best tools to combat fraud, and it\u2019s usually just a matter of a tick to enable them on your payment gateway.<\/p>\n Use 3D-Secure 3D-Secure is a term for the two security standards Verified by Visa and Mastercard Securecode. It can be activated\u00a0in your store\u2019s payment system and adds extra security steps to the payment process. Your customer receives\u00a0a code by SMS\u00a0which must be entered immediately after the customer enters his or her credit\u00a0card information.<\/p>\n This not only significantly increases the security but prevents you from any loss since the issuing bank of the card assumes the risk when using 3D\u00a0secure.<\/p>\n Use Tracking Numbers for All Orders Additionally, merchants usually have to pay the transaction fees\u00a0including the fees associated with the removal of fraudulent funds out of the merchant\u2019s banking account.<\/p>\n
\n<\/b><\/strong>Hackers love websites that aren\u2019t regularly updated and maintained for a long time. Thus, it is recommended to frequently update your website.<\/p>\n
\n<\/b><\/strong>Any abnormal transaction pattern that deters from the normal purchase behaviour of your client is a sure shot signal and is enough to alert you.<\/p>\n\n
T<\/b><\/strong>ips for <\/b><\/strong>C<\/b><\/strong>ombatting <\/b><\/strong>C<\/b><\/strong>ard <\/b><\/strong>F<\/b><\/strong>raud<\/b><\/strong><\/h3>\n
\n<\/b><\/strong>It\u2019s highly crucial to know your customers. This implies knowing and identifying what a normal purchase in your webshop usually looks like. This could be anything from the time of day you see most activity to the products being purchased or the amounts of money being spent. In addition, it is always important to be aware of anything that may seem too good to be true. If this is the case, go with your gut.<\/p>\n
\n<\/b><\/strong>A fraud detection system scans transactions and scores them based on the probability of fraud. It takes into consideration several factors including user behavior, device ID, IP\u00a0address, etc. The data is then compared to “normal\u201d attributes; if the transaction is considered valid, it is permitted and processed. In case the transaction has a risk score above a certain limit, a warning is issued\u00a0and it is rejected automatically.<\/p>\n
\n<\/b><\/strong>Today, 3D-Secure is one of the best tools available against credit card fraud. Where many shops previously were a bit reluctant on enabling it, it is now used by almost any big retailer and has become a norm.<\/p>\n
\n<\/b><\/strong>Tracking numbers help to protect your business from chargeback fraud. Also known as friendly fraud, it occurs when a customer requests the return of funds from a merchant, which is forcibly initiated by the issuing bank. In this case, the merchant is held accountable regardless of the measures taken to verify the transaction.<\/p>\n