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. Even artificial intelligence fuels your Magento store. AI architecture plays a key role in maintaining Magento store protection security by fostering effective fraud detection and prevention.
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.
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.
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Minal Joshi is a content marketer at Krish with a flair for eCommerce and Digital Commerce aspects. She is a MarTech fanatic with a knack of writing with which, she helps brands to curate, create, & commence digital brand positioning. Sharing insights via articles, case studies, eBooks, Infographics, and other forms of content creation is what she lives for. Being an ardent traveler, when not writing, you'll find her sipping coffee into the mountains or petting a stray.
21 December, 2022 After WooCommerce, Shopify is the 2nd most loved and used eCommerce platform worldwide. Shopify is an entirely feature-rich eCommerce platform. It offers many drag-and-drop options, and its apps work tremendously for store owners. In addition, Shopify is easy to use as it doesn't require depth coding.
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