Becoming Aware: The Basics of Managing eCommerce Store Fraud
There is one thing that eCommerce stores dread in the virtual world – fraud. The risk of fraud is still high despite the advantages in technology to prevent it. There are three things that you need to go ahead with, to ensure that you can manage fraud while protecting your store. This will give your store the necessary security cover while still offering your customers a positive checkout experience.
Real time fraud monitoring
You need to start with the basics of fraud management. It is necessary to include the basic tried and true fraud management tools as part of your arsenal. So, with true as well as proper monitoring, online fraud needs to be prevented before it occurs. Some of the tools that any online store should possess are address verification, CVV/CVV2 validation, IP Blocking, order velocity monitoring, database checking, and others. These can be implemented with the parameters that best fall in line with your business requirements.
Flagging Fraudulent Transactions Before Shipping Goods
It is necessary that operational staff hold, flag, review, or even decline fraudulent/suspicious transactions prior to releasing the shipment for transit. Technologies such as “Device Intelligence” can come to the rescue here, which assesses the ‘card not present’ transactions in real time that assists retailers in reducing fraud.
Use PCI Certified Gateways
A click check out process sounds really great, as it can also increase brand loyalty. However, it creates PCI compliance issues. Use a PCI certified gateway and leverage tokenization as well as storage of customer billing profiles is a great way to transmit as well as store payment data. Security risks are reduced while costs are lowered as well.