6 Strategies to Reduce the Risk of eCommerce Fraud

by | 12-08-2020

As online platforms are emerging rapidly for handling business and managing online payments, fraudulent acts are increasing in online billing systems. Payment fraud is becoming a huge threat to eCommerce merchants. The frauds can cause loss of money, revenues and can hurt business badly.
It is very important to take action at an initial stage to avoid any fraud trolling with your business. Your business needs an imperative assurance to fight back, knowledge of best systems, and adaptable tools to control fraud’s emerging threat.

Thanks to the technology that we have tools to defend and fight back. These tools and techniques help businesses to stay away from all the fraudulent acts and keep their transactions safe and steady. So, let’s dig into these simple tools and techniques.

Achieve and maintain PCI Compliance

(PCI DSS) The Payment Card Industry’s Data Security Standard is a collection of standards and specifications to guarantee that all online merchants and their customers are shielded from deception and data infringements. Managing and sustaining your compliance via the PCI Compliance Guide is a crucial primary measure to preserving your eCommerce business. It can be used with any popular framework for e-commerce. Neglecting to have compliance could end in heavy penalties — and could eventually end in loss of services from reliable eCommerce merchants.

Use Verification Technology.

Applying an address verification system (AVS) can help you in fighting against e-commerce hoax. AVS establishes the address of the person who declares to own the credit card, which guarantees that the transaction is legitimate.

Card verification value (CVV) technology can also be used. The technology is an anti-fraud security feature that gives an added security layer that can confirm that the card user owns the card.

Perform Regular Reviews of Activity

It takes minutes and seconds for fraudulent activity to be done. These activities include fake phone numbers, e-mail addresses that do not look real, and addresses that are out of place, such as a zip code not following up with a country. It is crucial to look up for such things before finalizing a huge monetary deal with any online client. You must also lookup for billing and shipping addresses before confirming the transactions.

Strong Password Requirements

Hackers use computerized applications that will instantly run all password changes to access your account. One of the most reliable ways to resist this type of fraud you need secure passwords for consumers. Strong passwords can assist a lot as it is less likely they’re stolen. This incorporates keeping a high least number of characters, using a blend of symbols, numbers, as well as capital letters. This type of control can make passwords that much harder to break.

Choose Trustworthy Third-Party Vendor

Most businesses get partnered with a third-party eCommerce shopping cart merchant to provide a great online buying experience. These business professionals strive to preserve their software from hackers, whose new tricks need continuous software updates. It is important to partner with the right vendor that provides software updates to keep you out of reach of hackers and scammers.

Identify the Signs of Suspicious Activity

There are some activities that can look suspicious to you at the time of placing or taking orders. You must look for the unusually large orders or high-priced orders. Expedited shipping on large quantities or high-priced orders is the other kind of threat that needs to be taken care of—lookup for the fake contact numbers and addresses at the time of order. Immediately block the user if anything looks odds to you.

Conclusion:

As the trend of online businesses in increasing, it is also giving many chances to hackers and fraudsters to gain monetary benefits out of businesses. It is crucial to take care of e-commerce strategies to avoid risk. This article covers all the techniques that can help you in staying away from frauds and avoid any huge transactional fraud.

Recent Posts

Brazil Adopts Blockchain
Brazil Adopts Blockchain for Digital ID Verification

In a groundbreaking development, the Brazilian government has revealed its intention to leverage blockchain technology to revolutionize the national digital identification system. This announcement aligns with the government’s efforts to adopt technology for enhancing cybersecurity and efficiency in various fields. In the initial stage, blockchain technology will be integrated into the national identity program in […]

Best Database Schema Migration
Best Database Schema Migration Tools of 2023

Database schema migration is a necessary yet extremely sensitive and complex process. In the application development lifecycle, it is still the riskiest approach to be undertaken by naïve developers and experts alike. But thankfully, there are a host of open-source tools that make this process simpler and less risky. In this article, I will shine […]

best open-source SQL clients
Best Open Source SQL Clients for Database Management

SQL databases like MySQL, PostgreSQL, and SQLite are used extensively across web and mobile applications. Developers need an effective SQL client to interface with these databases. While paid tools like TablePlus and Navicat are popular, open-source SQL clients provide a free alternative without compromising on features. In this article, I have highlighted the best open […]

Bun 1.0 released
Bun 1.0 Released as Fast Alternative to Node.js

The JavaScript toolkit Bun has recently announced its 1.0 release. Bun aims to provide a faster alternative to Node.js for running, building, testing, and debugging JavaScript and TypeScript.Created by Jarred Sumner, CEO of Oven, Bun is written in Zig and designed to eliminate the slowness and complexity that has accumulated in JavaScript tooling over time. […]

Profile Picture

Muhammad Mustafa is an experienced content writer with expertise in SEO. With a background in Software Engineering, Mustafa combines his knowledge of various technology stacks with a passion for writing. Besides writing, he loves cricket and traveling.

Muhammad Mustafa

Related Posts

GitHub Co-pilot introduction, an AI-assisted coding

GitHub was released for a preview last year, originally announced on June 29, 2021. It's an AI-assisted pair programmer that helps you write code faster and more efficiently. GitHub extracts the...

Seven Ways Technology Makes Your Small Business Grow Faster

The idea of entrepreneurship isn't unusual. People have been running businesses for ages. Nevertheless, the process of how the complete method is managed has evolved a lot. Today, there is way more...

5 Mistakes Every Mobile App Developer Must Avoid

Introduction We are living in an era of smartphone dominance, with almost 6.9 billion people across the globe owning smartphones. Considering this number, 85% of the world’s population currently...
Electron JS Development

Electron JS Development – 2023 Beginners Guide

In the recent past, the usage and popularity of JavaScript have drastically increased. Thanks to third-party libraries and frameworks like React, Vue, and Angular, the usage of JavaScript has...

Why our clients
love us?

Our clients love us because we prioritize effective communication and are committed to delivering high-quality software solutions that meet the highest standards of excellence.

anton testimonial for ropstam solutions

“They met expectations with every aspect of design and development of the product, and we’ve seen an increase in downloads and monthly users.”

Anton Neugebauer, CEO, RealAdvice Agency
tariehk testimonial for ropstam solutions

“Willing to accommodate nonprofit budgets, Ropstam brought their robust experience to the project. They checked in consistently, and were communicative, easy to reach, and responsive.”

Tariehk, VP of Marketing.
mike stanzyk testimonial for ropstam solutions

“Their dedication to their clients is really impressive.  Ropstam Solutions Inc. communicates effectively with the client to ensure customer satisfaction.”

Mike Stanzyk, CEO, Stanzyk LLC

“Ropstam was an excellent partner in bringing our vision to life! They managed to strike the right balance between aesthetics and functionality, ensuring that the end product was not only visually appealing but also practical and usable.”

Jackie Philbin, Director - Nutrition for Longevity

Supercharge your software development with our expert team – get in touch today!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.