Ecommerce fraud can be a serious issue for businesses, costing upwards of $6 billion in 2017 alone. That’s an astronomical figure – but more importantly, it is an indication of just how detrimental it can be when not dealt with properly.
The staggering cost of ecommerce fraud means that companies must prioritize combating this menace; after all, let’s not forget that losing even one sale can be catastrophic!
Moreover, with the advent of ecommerce, fraudsters have become even more cunning in their activities. We’re now faced with online shopping experiences that are both safe and efficient – so ensuring that your business stays ahead of any potential threats will require constant vigilance against ecommerce fraudsters!
Fraudulent schemes serve as a constant threat to ecommerce businesses and can be devastatingly effective at undermining trust. Fortunately, there are several measures that can help mitigate this issue; here are just a few!
Ensure Valuable Account Data is Preserved: If you possess any important account data – like customer names or transaction IDs – then it should never be deleted.
Managing your inventory is essential for running an effective business, so don’t hesitate to make regular updates. However, don’t forget to safeguard sensitive details such as contact information when necessary! It could prove invaluable if you find out about an imminent security breach at some point in the future; after all – that little detail could prove crucial during an investigation process
1. Stay up to date with the latest fraud trends
There are countless fraud trends in ecommerce; therefore, staying up-to-date with the latest happenings is essential. Experience has shown that identifying key patterns and challenges early on can prove invaluable – not only does this provide opportunities for solutions but also acts as an effective deterrent against future instances of fraud!
Unbeknownst to many merchants, card-not-present (CNP) fraud – often referred to as ecommerce fraud – has become a serious problem over the past few years. This type of fraud typically involves buyers presenting false identities at point of sale – which damages trust between buyer and provider.
To combat the increase in CNP fraud, merchants should adopt comprehensive anti-fraud strategies such as ecommerce security measures. These include:
Ensure that you have a robust fraud management plan in place. You should monitor your transactions closely and take immediate action when any suspicious activity occurs. More importantly, it’s crucial to respond promptly so that customers do not experience any inconvenience resulting from fraudulent activities on your part!
2. Use data analytics to detect suspicious activity
Like any aspect of your enterprise, maintaining an effective data analytics program can help identify abnormalities with unprecedented speed.
Could this be a hint of something amiss? By utilizing sophisticated analytical software like the ones available at Zuora, fraudsters’ movements can be monitored in real time and patterns can be discerned which might suggest suspicious activity throughout your business.
With access to data on customers’ past orders, their last purchase – whether or not it was fulfilled by another retailer or shipped directly from your own warehouses – can all be analyzed for any anomalies that could indicate fraudulent activity. If there are any discrepancies between expectations and reality – such as frequent returns from dissatisfied customers – this could prove to be an indicator of misrepresentation; whereas if sales figures consistently exceed expectations then that could indicate that something may need attention!
