E-Commerce Fraud Detection Reviewing Best Practices For Businesses
Preventing Fraudsters From Taking Over Your E-Commerce Business. Online sales are booming. Businesses that took advantage of the surge in online activity and set up ecommerce stores have witnessed a staggering increase in revenue in the past few months. However, the online world brings with it a set of different problems. From fraudulent credit card transactions, affiliate fraud, to other types of scams, small businesses can easily become victim to hackers and scammers, if they are not careful.
Thankfully, taking a few precautionary steps can go a long way in lowering susceptibility to scams, fake schemes, spams, and fraud. In the next few slides, will present a review of the best practices that businesses should adhere to in order to protect themselves in the online world.
1. Security audits of your website are a must.
Assessing how secure your web assets are on a regular basis keeps you aware of all the vulnerabilities in the system. It also informs you of the potential threats and the updates required. By finding flaws in your website before hackers and fraudsters get to them, you can take additional measures to ramp up its security in time. This includes ensuring that your SSL certificate is in order, confirming the strength of your passwords, malware scanning, updating anti-scam software, and ensuring whether your cart plugins are up to date.
2. Keep watch on your website.
Regular monitoring and close scanning of website usage and activity ensures that you notice red flags before they cause a serious dent to your business. Keep a record of transactions, spammy activities, and immediately flag issues such as inconsistent billing. Google Search Console sends a message when your website is hacked or blocked because of fraudulent activities so make sure that the right personnel have access to the system.
3. Sign up for an address verification service.
This will help you track suspicious credit card transactions. For instance, such services scan and review whether the cardholder’s billing address is same as the one that the bank has. This can go a long way in ensuring that fraudsters don’t use fake or stolen cards to purchase goods from you. So, do check whether your payment processing partner offers an AVS service.
4. Don’t ask for sensitive information.
The more data you collect, the more steps you will have to take to keep it secure from fraudsters and scammers. When you don’t have access to critical customer data, you won’t be liable or responsible for its safekeeping. To complete transactions, ask for as little information as is reasonably required. Give them the option to refrain from saving their card details on your portal and avoid asking for details such as social security numbers.
5. Deploy anti-fraud software.
This is one of the best ways to keep hackers and spammers at bay. If you have resilient anti-fraud tools and systems in place, malicious individuals and organizations will have a hard time infiltrating your e-commerce website. Such tools can include those which use machine learning algorithms to keep a check on fraudulent activities and cancel orders that are rife with red flags after getting the green signal from you.
Thank You! Presented by: Anushka Srivastava Manager, Marketing 2.0 Conference https://www.marketing2conf.com/