We can’t stop e-commerce fraud on the off chance that we don’t realize they’re coming. The success of e-commerce fraud depends on how well the fraudster can trick your system. Then again, how effectively you can defend against cybercriminals depends on how rapidly you can identify fraud attempts. To put it plainly, you have to know the “tells”, the red banners to search for, and here are some of the most widely recognized: Multiple orders from multiple credit cards: When a record (or different records with comparable signatures, like the same IP address) makes multiple purchases with multiple credit cards, it’s a clear red banner for fraud, especially card testing fraud. You can check online for a more enhanced ecommerce fraud prevention methods here.
Information Inconsistencies & Strange Buying Behaviours
Search for any inconsistencies, albeit little ones, like when the city and the postal district entered don’t coordinate. Another example is when a shopper with a Singaporean IP address makes a purchase for a credit card with a US charging address. In the event that the credit card owner is certainly not a first-time shopper, then you can check their purchase history and search for dubious activities. For example, when the record suddenly makes an order far larger than whatever the customer normally spends. It might likewise be worthwhile to invest time in gift voucher fraud prevention.
Strange Area & Multiple Orders from Uncommon Areas
Once more, in the event that the customer has made a purchase from your business before, check for uncommon activities from different areas than expected. For example, in the event that the customer generally purchases from an IP address in Japan, yet suddenly makes a purchase from an IP address in Angola. It’s possible that the record owner is essentially holiday, however better safe than sorry. For example, when you’ve never received any order from Indonesia, however suddenly you receive 12+ orders from Indonesia.
Multiple Transportation Addresses & Declined Exchanges
Another red banner is when a buyer makes multiple purchases under one credit card (one charging address), however sends the items to multiple different addresses. In general, when a shopper requests to send the products to an address other than the card’s charging address, you ought to be reasonably dubious. Yes, even legitimate shoppers might forget their PIN or use up a card’s breaking point without realizing it. However, in the event that a record makes more than five attempts without getting the credit card credentials right (number, expiry date, name, CVV), then you ought to be dubious. While multiple purchases consecutive from a single customer might be possible, it could likewise be a fraudster card testing on your site.
Prevent E-Commerce Fraud
One of the keys to protecting your e-commerce business from online fraud is to recognize the assault straightaway. However, there are cases where it’s already past the point of no return once you’ve identified the assault. Consequently, it’s better to implement preventative measures to reduce or even eliminate any opportunities for fraud. Online fraud technically happens when fraudsters and cybercriminals find defects in your system that you’re not aware of. On the off chance that you identify your vulnerabilities before attackers, you are already one step ahead. While an e-commerce security review can be a pretty deep subject, here are some significant elements you ought to assess regularly: Make sure everything is state-of-the-art, ideally when updates are available, especially in the event that it’s a security fix. Check your website’s SSL certificate (HTTPS). In the event that you haven’t implemented HTTPS, you ought to immediately, and regularly check whether your SSL certificate is functioning admirably.
Other Measures for Prevention
Check whether all information transmissions and correspondences between your business and your customers feature end-to-end encryption. Check whether your e-commerce store stays PCI-DSS consistent. Make sure your information is backed up regularly. Check your e-commerce website regularly for malware with appropriate antivirus/hostile to malware arrangements. Screen activities of noxious bots and block them immediately to prevent account takeover attempts and other bot-related threats.