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Making eCommerce Safe for your Business

In this time of digital transformation retails have had to keep up with the times and adjust their business. Although many other industries have also experienced the benefits of digital transformation, ecommerce has been the one to experience the biggest change. More and more people prefer to shop online, some for fear of a pandemic and some for simplicity and flexibility. People no longer have to go from store to store to find the product they want to buy, all the products they need are now at their fingertips.

The digital transformation has definitely made life easier for customers, but it has brought even greater benefits to ecommerce businesses. Online retailers can now reach customers regardless of their location and present their products to a wider audience. But growth in ecommerce is always closely followed by growth in cyber crime, and this time is no different. You need to start being proactive and take all steps necessary to ensure eCommerce safety from fraudsters and protect your business.

In order to make ecommerce safe for your business you will need to find a balance between providing exceptional customer experience and cyber security. According to the survey by PayPal Canada, one in five people said they  are worried about safely transacting online which holds them back from online shopping. This is why it is extremely important to provide the customers with a safe environment while also ensuring a quick and easy check out process.

How can you recognize Ecommerce fraud?

Ecommerce fraud can be difficult to recognize as the cyber criminals keep evolving and making it more sophisticated, but you can recognize certain red flags they raise in the process and use them to stop the fraud attempt before it can do any significant damage. This can help you discern between a legitimate customer and a fraudster.

Excessively large orders – Cyber criminals will often make sizable orders to encourage merchants to complete purchases as soon as possible without additional levels of verification. You can reduce the risk by demanding extra verification when an order reaches a certain transaction limit.

Inconsistencies in customer or order information – these inconsistencies for example like zip code not matching the area can indicate fraud attempt. To confirm they are not just a result of a typo but the actual fraud attempt you can require the buyer to provide you with additional proof of their identity locait.

Orders coming from unusual locations – receiving a number of orders from unusual locations outside your usual area of business or customers suddenly making purchases from another country can be a cause for concern.

Multiple delivery locations – Using multiple delivery addresses, especially if done in quick succession is definitely a red flag you want to keep an eye on.

Multiple failed transactions – This can be a sign of fraudsters using your ecommerce business to test out stolen credit card numbers. This is why it is of utmost importance to create a security protocol that will help you decide if the failed transactions were genuine error or a fraud attempt.

How to make your ecommerce business safe?

No matter which niche your ecommerce business operates in, there is a high chance it will become a victim of cyber fraud if you do not take necessary steps to protect it.

Prioritize fraud prevention

Not only do you need to raise awareness about the threats your business is facing and educate your employees how to fight against it, but you also need to implement proper cybersecurity tools that can help them accomplish this. By using device fingerprinting, data enrichment or social media lookup you can gather more information about your user and make informed decisions about their intent.

Require Card Verification Value (CVV) numbers for every purchase

This can help you confirm that the customer actually has the credit card in hand and reduce the risk of account takeover or identity theft. Requiring CVV numbers for every purchase is a great additional security measure that can help your business remain safe without creating any user friction during the checkout process.

Keep a close eye on those red flags

You might not be able to stop every attempt of cyber fraud  just by monitoring red flags, but you can significantly reduce the risks. Detection is the first step in any proper cyber security protocol.

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