In modern times, e-commerce fraud prevention is crucial to protect the stability of your business and the privacy of your customers. E-commerce sales are expected to reach 600 billion dollars in 2020. Before we talk about what you can do to exclude risk and protect your e-commerce store from fraud, it's helpful to discuss common strategies that fraudsters use.
There are many types of online fraud, but they can be segmented into the following two areas:
Personal information intrusion
Most e-commerce stores provide customers with accounts that store their personal information, financial data, and purchase history.
In one of the most common approaches, scammers send e-mails designed to trick customers into revealing their usernames and passwords. If fraudsters receive the requested information, they can then access your customers' accounts, change passwords, and make unauthorized purchases.
Although most businesses take many precautions to secure customer data, scammers still manage to hack into databases and steal usernames, passwords, credit card numbers, and other personal information.
This type of e-commerce fraud is difficult to detect because many people don't check their credit card data appropriately. Victims are typically unaware that someone has opened an online account in their name.
With the right fraud protection tools, you can protect your business with minimal investment and obtain results through an automated, machine-driven process. The customer data and fraud protection platform, Evinent Analytics, gives fraud managers a complete solution with flexible features to satisfy your business lifecycle needs.
Evinent Analytics offers comprehensive anti-fraud services, including the help of machine learning algorithms. It provides options for you to avoid any sort of delays in detecting and recovering from fraudulent activity.
With the help of Evinent Analytics, you can:
- Prevent payments from stolen cards or credentials and block unauthorized transactions before they hurt your business.
- Analyze and detect fake accounts through complete digital reporting.
- Mark customers using stolen or fake IDs to ensure only real clients benefit from your advertising.
- Combine the power of mailings and behavioral analysis with machine learning to support your security efforts. Learn how to strengthen your existing security framework through visualization and reporting features available in the Evinent Analytics platform.
These and other e-commerce fraud prevention tools and techniques can help you secure your business with ease.