Top 3 Functions of an E-commerce Fraud Prevention Software You Must See Now

Last Updated on July 14, 2024 by Asfa Rasheed

Hey, do you know that those days are long gone when any kind of fraud was just an offline affair? These days the fraudsters are not unversed anymore. They have made themselves well-acquainted with the latest technologies in the last few years. And as a result, most eCommerce owners are incurring massive financial losses due to unauthorized online transactions and inefficient systems to recognize genuine customers. “In fact,” if you look at some current statistics, you will find that though on one side the experts estimate that eCommerce sales will reach $630 billion or more in the next few years, they also predict that almost $16 billion will be lost due to fraud on the other side. So, if you don’t want to lose a “huge” amount of money to scammers anymore, we would suggest you buy Ecommerce Fraud Prevention Software right away from one of the most reputed fraud and risk management companies in the USA. 

Now, do you want to know the impact Ecommerce Fraud Prevention Software will have on your business? If yes, please sift through the following points now:

1. Your cases of fraudulent transactions will begin boiling down drastically 

2. Your customers will restart trusting your business gradually 

3. Your monetary losses will start minimizing 

4. Your repeat sales will commence increasing, and 

5. Your brand reputation will start improving

So, if you want to acquire these many benefits at one go, all you need to do is put your money on feature-rich Ecommerce Fraud Prevention Software now. 

With that over, now it’s time to see:

Three Best functions of Ecommerce Fraud Prevention Software that you must know

1. They have risk-weighted control at different levels of user interaction to identify and prevent any suspicious activities

2. Most applications get designed in such a “way” that you can integrate any additional program or third-party solutions to monitor every step a user takes while completing a purchase. However, if you buy Ecommerce Fraud Prevention Software from one of the “most prominent fraud and risk management companies in the USA,” you don’t require any additional integration. Do you know why? Because it ships with the monitoring feature by default. 

3. They are highly scalable when it comes to handling the quicker payments of customers in some “special” cases 

Now, let’s see:

How to deal with the rising Ecommerce Fraud?

1. Tap Fraud Detection Solutions 

Do you know that taking advantage of some effective Fraud Detection Solutions is a good idea when you are “considering” fighting back against e-commerce frauds? No? Let’s understand how it is true, then? Suppose you purchase a supreme quality Scam Detection Solution from a “trusted fraud and risk management agency in the USA.” In that condition, you can rest assured that the deployed Fraud Detection System will identify red flag transactions on your site and protect you from the malicious actors that might be trying to complete different types of frauds on your site, such as:

A. Card Testing Fraud

B. Chargeback Fraud 

C. Friendly Fraud 

2. Maintain PCI Compliance 

Suppose you don’t know what PCI Compliance means. In that case, we must tell you it stands for Payment Card Industry Compliance is mandatory to adhere to by credit card companies as it aids in ensuring the security of credit card transactions done online. So, imagine you are an eCommerce owner who is “extremely” concerned about online deceptions. In that situation, you must follow the PCI DSS or Payment Card Industry Data Security Standard that makes it compulsory for entities storing and processing customers’ credit card information to maintain a highly secure environment online. 

3. Create Blacklist 

Now tell us, do you know the best part of getting Ecommerce Fraud Prevention Software? No? Well, it’s like once you have deployed it to your core system, soon you will start seeing who has tested credit cards on your online store. Once you reel in the list of such buyers, “simply” put them on an internal “blacklist” so that they can’t make any other purchase on your website down the line.

4. Be Extra Vigilant During the Holidays 

Now you might be “pondering” why are we insisting on keeping a careful watch on your eCommerce site during the holidays, right? Well, it’s for the simple reason that you might be too busy on those days, and even your customers might remain preoccupied with buying various commodities or inventories, resulting in fewer safety precautions at that time. And that’s when the potential fraudsters may place a significant number of foreign orders, rush orders, or sometimes even multiple small-dollar purchases. Thus, it shows that they could be testing out schemes, such as card testing fraud, and that’s why you must remain extra careful during special occasions especially. Ok? Got it? 

Finally, let’s peek at:

The concluding remarks 

Hopefully, you learned plenty of things through this eCommerce post which discussed some “key” functions of Ecommerce Fraud Prevention Software and a few actionable ways to handle eCommerce fraud. So, if you liked this technical primer and want to learn how eCommerce fraud detection and prevention solutions can benefit your business, we would suggest getting into the conversation with the most advanced fraud and risk management agencies in the USA straight away. 

Read more: 5 Insights on Fraudulent Returns in E-Commerce