Fraud Prevention – What a Business Can Do to Stop Fraud Payments
What a Business Can Do to Stop Fraud Payments
Every customer worries about retailers tricking them into spending their money without anything in return. They need the assurance of fraud prevention. Every eCommerce business should want customers to have the best shopping experience they can have. And the last thing any eCommerce business wants is fraudulent orders accessing its system instead of real ones.
So, what can eCommerce businesses do to prevent fraud?
A service such as the Address Verification Service (AVS) will verify that the customer’s address matches the address that the customer’s bank holds for their credit card. If the address matches, the customer is most likely to be genuine. If the address does not match, the customer may be a fraudster.
The business should install fraud prevention software offered by many security companies. This software is capable of detecting virus-driven transactions and email fraud. As well as many other criminal tricks to enable fraud.
Install CVC2 and CVV2 verification. This simply means that a business should make the online customers enter the 3 digit security code on the back of the card as well as its expiration date. There is less of a chance that a cyber-criminal has managed to steal both the card number and expiration date. This would be a difficult task even for the computer geniuses among us.
Pay attention to the country that the payment is coming from. For example, a business should be careful of an order which originates from the country that is not the primary location from which they do the majority of business. Also, they must watch out for the foreign address of a computer network (IP address). Especially if the payment details appear to be of local residence. This is a big sign of fraud.
Verification is key! If there are any problems, contact the customer first-hand. Most fraudsters will not be so brave to answer the call. If the calls continue to go to voicemail, this is an illuminated sign that something is not quite right.
Many companies have put fraud prevention measures in place, including big name online retailers Amazon and Shopify.
Stay Safe Online With Fraud Prevention
If an eCommerce business combines strict security practices and utilizes fraud prevention systems, the likelihood is that it will gain more genuine customers. And frighten cyber criminals. It is also a good idea to have a page about fraud prevention on the business’s website to make its customers aware of the steps they have to take to stay safe online. This page will also make customers assured of the business’s legitimacy. It will also make them trust it more easily. If a business follows the above advice, it should be able to minimize fraud on its e-commerce site.
A good example of this kind of page can be found on the Western Union website: http://www2.westernunion.ee/WUCOMWEB/staticMid.do?method=load&pagename=faqSecurity