The eCommerce industry is booming. And just as it is a good thing for many businesses, this news is also exciting for fraudsters. Why? Well, they have more chance of attacking people, robbing them of their valuable assets. Merchants should be aware of how to stop eCommerce frauds easily and quickly. If they don’t, their business will suffer! Moreover, they will be spending way too many resources to get rid of the problem. Hence, it is important for merchants to take every possible step to stay safe. And yes, that includes taking care of the Spectrum business bill pay otherwise they will miss all the important updates and notifications when they are on the go.
6 Ways to Prevent eCommerce Fraud
As the eCommerce business is growing, so are the online scams. The number of fraudsters has increased at a rapid rate, becoming a real threat to people who prefer shopping online. And merchants are getting increasingly worried about this problem. But don’t worry! This article is going to share five ways how you can stop eCommerce fraud. So, let’s begin:
1. Study Fraud Patterns
Different verticals and industries experience various fraud patterns. The merchants should be aware of those patterns. Plus, the Fraud Prevention Vendor Precognitive encourages business owners to understand what fraud looks like in a specific niche. Merchants are suggested to have a look at their own data to find similar trends or patterns instead of relying on random patterns. This will allow them to better understand what threat they can face.
2. Have a Plan to Deal with Frauds
Successful businesses are a favorite target of fraudsters. Therefore, merchants should be extra vigilant. They should keep their fraud data in check and should create a plan to manage scale. It is strongly recommended for merchants to use their administrative costs, chargeback rate, and the cost of lost goods as a benchmark that will tell them when to perform an action.
3. Beware of Phishing Attacks
Fraudsters and scammers often use phishing to target their victims. How this tactic work is that the malicious actors attach spyware links and send them as an email, pretending to be from someone you know. Email platforms don’t do much in protecting people from this attack. And it is up to the users to keep themselves safe. Therefore, if you are not sure who sent you the email, don’t do anything and ignore it.
4. Use Machine Learning and Data Science
Advancements in big data analytics and machine learning have presented people with a proactive way to deal with eCommerce fraud. Merchants can keep their business safe, especially when the transactions are being done through different channels like voice, API, IoT, mobile, and web. This allows business owners to keep operating their businesses without any worries. Moreover, it will give merchants the confidence to deal with all frauds.
5. Implement Layers of Security
No matter how much you want there to be a single solution to stop all frauds, the fact is that there isn’t one! So, merchants should strategically implement layers of tech that work in sync to safeguard the business. For instance, bank payment processors, card issuers, and merchants should all work together to improve the features that are built into the 3DS payment standard to eliminate transaction fraud.
6. Follow PCI Standards
Following PCI or Payment Card Industry standards will help keep the merchants updated about the best data security practices. These are some certain rules that will allow them to spot weaknesses in fraud protection via self-assessments. Here are some of the steps that can enable a merchant to achieve PCI compliance:
- Install a firewall configuration to protect the data of the cardholder.
- Use and update antivirus software regularly.
- Prevent physical access to the data of the cardholder.
- Develop secure applications and systems.
- Protect the data of the cardholder.
The eCommerce industry is progressing by leaps and bounds. And fraudsters are well aware of it. This is why they are using sophisticated ways to attack their victims. It is up to the merchants to safeguard their customers and to make their buying journey as smooth as possible. You can follow the aforementioned tips to achieve that. Also, keep yourself updated with the latest tech to protect your business even more!