eCommerce is a big business.Fraudulent payments and chargebacks are a real problem for online merchants, and it’s forecasted to get worse.The need to prevent eCommerce fraud has never been more pressing as fraudsters switch tactics to target what they now perceive to be an easier channel to attack.
Merchants and retailers are usually on the front lines of managing payment card fraud. Online businesses normally come across a unique challenge because all purchases are made as a “card not present” transaction. However, there are red flags to watch out for and security measures to put in place that will help minimize losses from online credit card fraud.eCommerce fraud prevention remains a significant concern for businesses who strive to offer a fluid customer experience.
But, there are steps you can take right now to help keep your business from becoming an easy target for eCommerce fraud.
- Trademark your company name and logo:
The most important tip for business owners to protect their site and brand is to ensure [their] name is clear for use as a trademark. To make sure that no one else can use your company name and logo, you need to trademark them.
- Keep Data Encrypted:
Data that flows between a company’s web server and the customer’s website should have encryption to avoid a phishing attack.SSL certificate is the best way becauseSSL certificates helps authenticate the identity of your company and encrypt data in “transit.” It provides extra protection to your business and for your customers.
- Location, Location, Location:
The transactions that are the most secure are those where the shipping address, billing address and IP address are all very close to each other. Transactions that show long distances between these different addresses should be scrutinized more carefully.As the merchant, you also know the shopper’s bill-to and ship-to address. Map it! You can make use of Google maps to see the location, satellite view, and even street view.
- Use fraud detection software:
There are many exceptionally great fraud detection systems – from basic fraud scoring to modern machine learning software. Some ecommerce shopping cart vendors have fraud detection built-in, and there are a lot of 3rd party software applications.
- Check your own security:
Better to hire a security expert to look for vulnerabilities in your website and ensure that you are using a secure payment processor.Apart from the individual credit card transaction, pay attention to the security of your entire website and e-commerce processes. Cyber attacks on small businesses are increasing nowadays, mostly because small business websites are perceived as softer targets than larger corporations.
- Be aware of expedited shipping when billing and shipping addresses differ:
When the “billing address” and “shipping address ” are totally different and the customer is asking for expedited shipping, there’s a high possibility for fraud. Fraudsters need a way to get their stolen goods and will often ship the products to addresses which is totally different than the billing address. Orders with different billing and shipping addresses are at greatrisk of fraud. If the destination of the goods is a freight forwarding company or even a re-shipper, that is a very big red flag.
- PCI-DSS Compliance:
Safeguard a secure connection for online payments with your business by becoming PCI (Payment Card Industry) compliant. They are designed to ensure that businesses globally accept process, store, or transmit credit card information while maintaining a secure environment.
- Take advantage of email authentication:
Email fraud is a common type of fraud. The most destructive and difficult to detect is a message coming from a fake email address. Suspect email addresses (e.g. 1234XYZ@gmail.com, or addresses that seem like randomly generated combinations of numbers and letters)
- Keep your shopping cart software updated:
Most small businesses partner with a third-party eCommerce shopping cart vendor to help ensure a great online shopping experience. These eCommerce specialists also work to protect their software from fraudsters, whose evolving tactics require constant software updates. Make the most of your vendor partnership benefits by making sure you consistently update your shopping cart software.
10.Keep passwords long:
Instruct the customers to keep passwords long:
- Customers should not share their password with anyone.
- Longer passwords are harder to break so keep the password long.
- Notify customers to change their password every 15 days or monthly.
- To create a password, always use a mixture of numeric numbers, small alphabets, capital alphabets, and special characters.
Customers now prefer security first, and if your Ecommerce website is lacking security measures, then you may say good-bye to your business revenue. From the above security measures, you can ensure your customers by protecting the ecommerce website with robust security. It is essential to protect your ecommerce website not just for potential revenue but for the sake of your customers.
Call iPayTotal customer care team to get more info about e-commerce fraud protection.