Stop Fraud Before It is Too Late

Fraud doesn’t wait. Neither should you.

Nowadays, people love shopping online rather than shopping at retail shops as it is much convenient. Fraudsters spot this opportunity and dive in to perform fraudulent transactions that lead to financial losses.

Here are 10 immediate actions you can take to stop fraud in its tracks as a merchant.

1. Use Multi-Factor Authentication (MFA)

MFA adds an extra layer of security by requiring users to authenticate themselves. Require your user to authenticate themselves before accessing account or placing an order is in need.

2. Use Address Verification System (AVS)

An AVS checks whether the billing address provided by the customer is matched with the credit card address. If it is matched, then it is a legitimate transaction.

3. Monitor Transactions in Real-Time

Real-time transaction monitoring allows you to detect suspicious activities. Beware of high transaction amounts or multiple purchases in a short period of time. To ease your work, it is recommended to use a fraud detection solution that offers real-time monitoring.

4. Employ Device Fingerprinting

Device fingerprinting tracks device information used to make a purchase, such as IP address, browser type, and operating system. This helps identify potentially fraudulent transactions from unrecognized devices.

5. Set Up Velocity Checks

Velocity checks limit the number of transactions that can be processed within a specific time-frame. Configure your e-commerce platform to flag or block transactions that exceed normal activity thresholds.

6. Verify Email Addresses

Fraudsters often use disposable or fake email addresses. Use email verification tools to verify the email during account creation and checkout.

7. Require Strong Passwords

Require strong password with a mix of letters, numbers, and special characters.

8. Conduct Regular Security Audits

Regular security audits help identify vulnerabilities in your e-commerce platform. Schedule security audits regularly.

9. Educate Your Staff

Educate your staff on fraud prevention so that they know how to handle when deal with fraud and prevent it.

10. Partner with a Trusted Payment Gateway

A reliable payment gateway offers advanced security features, such as tokenization and encryption. Partner with a reputable payment gateway that offers robust fraud protection measures.

Conclusion

By implementing these immediate actions, you can secure your E-commerce store from online fraud.