In 2012, $3.5 Billion were taken off by fraudsters, which was 0.09% of total eCommerce revenue. In 2013, 0.61% and respectively in 2014, 1.21% of total revenue was lost to frauds. As revenue is skyrocketing, fraud money is also taking a parallel hike. Merchants are paying $3.08 for every dollar for fraud they incurred in 2014. This is up from $2.79 in 2013. Existing Card Frauds (ECF) are also scoring progress and reached to 4.6% in 2014 from 3.14%. Signal Magazine states that credit card fraud will jump from approximately $3.3 billion in 2015 to more than $6.6 billion by 2018 which means that you will have to pull your socks to save your hard earned money.
And the most foolish thing that intrigues me most is that, out of all this is that businesses count this fraud money in costing. But now it is the time to take the initiative to save every single penny that scammers are taking from you. In this blog, I will be piloting you Make your eCommerce Website Anti-Fraud. Here are top ten advises to save your money getting scammed.
1. Use a Secure Platform
Your eCommerce website would be secure if you will build it on a secure platform that uses a sophisticated object-orientated programming language. There are bulks of eCommerce platforms in the market, so invest your time and do some research and choose the best available one. Though Magento is the popular and secure most platforms in this niche that can meet all your security norms.
Last year web-based attacks increased by 30 percent. Now that is a serious concern and there are a lot of sensitive information beside your customer's card details on your site that you should protect from getting hacked. Build a strong firewall and use advanced technology to protect yourself from this. Another this is that you must use secure connection for checkout procedure. Strong SSL (Secure Sockets Layer) authentication will help you for Web and data protection.
3. Maintain Record
It is very crucial to keep the records and maintain database, like shipping address, emails, phone number, billing address of your customers and their orders. This will assist you to get an insight of suspicious customers and tracking their order patterns. Changing credit cards, IP addresses, machine ID and order momentum will be a great help. But keep in mind that you keep them securely. Tracking number of all orders are a must keep data.
4. Address and Card Verification
Data received from AVS along with an IP address helps you in assessing orders, a legitimate one or a bogus one. Card Verification Value is a very required object for credit card transaction to save your business from fraudulent cases.
5. Active System Alerts
Do use system alert to encounter multiple and suspicious orders coming from the same address or with frequently changing credit cards, phone numbers. Though it is your responsibility to safeguard your customer information, but ask them to use strong passwords. Do a regular audit of your site and monitor its security system to make it more secured. Make sure that your host is also doing the same on a regular basis and scanning and detecting. Keep checking servers for malware, viruses and other harmful software detection.
6. Use Layered Protection
It is one of the Best way to shelter your website from. A strong Firewall can save you from cyber criminals and it would be difficult to intercept your online store security and gain access to your critical information. After firewall adds extra layers in your security system, such as contact forms, login boxes and search queries. It will give a shield to your eCommerce site from application-level attacks like SQL (Structured Query Language) injections and cross-site scripting (XSS).
7. Train Your Employees to Make Your Store Secure
It is very important. Your employees must be trained enough to handle your store security in order to detect suspicious orders or activity as well as how to handle such orders and what to do with it. They should also be known to the subject of privacy breach. Train them not to disclose any sensitive information in emails or texts and not to reveal any secured customer related private data in chats. There should also be sessions and training for them to educate them with policies and laws on their required field.
8. PCI Compliance
If you are running cards over the site and taking payments, then it is necessary that your eCommecre store is PCI compliant and make the transactions secure. PCI standards will safeguard credit card information and will lead your customer to checkout securely with vaulted payment. Quarterly PCI scans should be your regular activity. Services like Trustwave for PCI scans will aid you to risk down your eCommerce platform and will hail it from being vulnerable to hacking attempts. In case you are using third-party eCommerce platform for your eCommerce Website then keep it up to date with latest versions.
9. Keep Database of Fraudulent
Keeping records of your previous unfortunate events will help you learn for the future. Use that record for future transactions so you can approve and deny as per the situation is. It will lead you and your employees to prevent such incidents in future. With this track orders from particular places or geographic locations, IP addresses that are not matching with billing addresses and big value orders as well.
10. Hire Your Savers
Consider hiring a third party to save your business from fraudsters. There are quite a number of Fraud Management Services that can make your online eCommerce business more secure. Another advantage is that by hiring such third party, you can save a lot of money and time and manpower also. This will provide you an expert assistance. If you are using Magento Platform then you can find a good number of applications in the app store that can help you.
You earn money for you not for anyone else who is frauding you so consider above provided recommendations and make your online store secure. If you need any help you can contact us and talk to our eCommerce consultant.