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How To Prevent eCommerce Fraud

While it’s not possible to protect yourself against all online threats, below are some of the most common types of eCommerce fraud – plus tips on how to help minimize exposure.

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4 Proactive Security Measures Your Online Business Needs

There are anonymous hackers all over the globe who work around the clock trying to bypass your company’s security defenses. Larger organizations likely have the resources to defend themselves against eCommerce fraud and other malicious attacks, but this doesn’t mean they’re immune to breaches, as we’ve witnessed in the news.

This isn’t always true for smaller companies. Inc. reports that an estimated 60% of small businesses go under within six months of being breached.

While it’s not possible to protect yourself against all online threats, below are some of the most common types of eCommerce fraud – plus tips on how to help minimize exposure.

1. Card testing fraud

Criminals often test stolen cards by running tiny transactions first. While it may be attractive to overlook a few lost pennies here and there, every dollar in direct theft can translate up to $3 in hidden costs due to fees and penalties.2

Protect yourself by using fraud management filters to set minimum transaction amounts for online orders. If your lowest-priced item is $2, the smallest approved transaction should be that amount or higher.

2. Stolen credit card fraud

If you sell physical goods, watch for this scam. Thieves use stolen cards to buy products before having them sent to a reshipper for collection. However, using fraud filters can help you flag orders where the billing and shipping addresses don’t match. The sale might be a legitimate one, but it won’t go through until you’ve had time to investigate.

Security is a major business objective

3. Account takeover fraud

Cybercriminals can do a lot of harm if they gain access to your customers’ or employees’ login credentials. Fortunately, you can help limit this practice by:

  • Restricting employee access to sensitive data on a need-to-know basis (also known as the principle of least privilege)
  • Mandating longer passwords for all logins – complete with symbols, numbers, and mixed-case letters
  • Requiring two-factor authentication (2FA) in which employees and customers must pass additional verification steps (beyond the usual username and password)

4. Chargeback fraud

Also known as “friendly” fraud, this scam involves customers who buy from you online pretending that:

  • They didn’t place the order
  • The package never arrived.
  • The package arrived damaged.

Proving that you’re in the right can be tough, which is why chargeback fraud results in $30 billion in annual losses for online businesses. You can help reduce the frequency of this scam by:

  • Making it easier for customers to request refunds with a clear return policy
  • You are adding tracking and signature requirements to outgoing packages so you can verify delivery independently.
  • Disabling guest checkout to make anonymous online ordering impossible

Even with a huge budget and an experienced security team, thwarting every cyberattack is not always possible. It is figuratively an arms race, with criminals constantly devising more inventive methods of bypassing security protocols and gaining access to sensitive information. However, those who build the strongest defenses have the best chances of avoiding the worst attacks.

For a more comprehensive overview of eCommerce fraud prevention tips and strategies, see the accompanying resource.

This information is provided for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain guidance concerning any particular matter.

  1. “60 Percent of Small Businesses Fold Within 6 Months of a Cyber Attack. Here’s How to Protect Yourself,” Inc., 7 May 2018
  2. “CNP Fraud Costs US Merchants $3.36 for Every $1 of Direct Fraud Loss,” CardNotPresent, 30 July 2020
  3. “13 Scary Chargeback Facts,” Chargebacks911, 20 October 2020

How To Prevent eCommerce Fraud

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E-commerce

Meet With The 5 Power Players Of eCommerce Website Builder

So, having all these facts on our minds, here we have come up with the top five power players of eCommerce website builders, which you can find below:

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Excellent Web Designing Tools and Software

There are so many components that are considered relevant for your business, and your website is undoubtedly one of them. Whether you are running an online retail shop or some IT firm, having a digital platform has become a requirement for every business.

But it’s certainly not easy to keep and maintain a wholly fledged website. So, having all these facts on our minds, here we have come up with the top five power players of eCommerce website builders, which you can find below:

1. WordPress:

If you are running an online retail store, you must consider the WordPress website builder. For your startup unit, WordPress will create a breeze in the market for your newly set up venture.

When you choose the WordPress Website Builder, it makes you capable enough of uploading your online retail store products automatically on your site, which eventually creates your eCommerce store. And for further promotions, here you benefit from utilizing the wordpress push notifications and Woocommerce Push Notifications on your subscribed user’s screens.

Apart from this, the WordPress website builder also gives you a privilege to efficiently add numerous product details such as their dimensions and packing arrangements, making it easier to fulfil the customers’ orders more appropriately.

2. Squarespace:

If you are looking for a high-end design for your business website, you can consider the Squarespace website builder. The Squarespace is mighty in providing you with modern as well as sleek website templates. Moreover, here you are also going to have plenty of white space for your online business.

On this Squarespace website builder, the best privilege you will have here is the most accessible navigation that makes it effortless for your users to find what they are looking for expeditiously. Apart from it, when you choose the Squarespace website builder, you can certainly achieve a professional and polished look for your web page.

Further, here in Squarespace, you will get a proper inventory management tool along with the mobile-optimized shopping cart system and many other things.

7 Essential Web Development Tools For Students

3. Wix:

By choosing the Wix Website Builder, you will become capable of designing and maintaining your beautiful online retail store. On Wix Website Builder, you can powerfully add your product details such as their inventory numbers, the product weights, and many more.

Apart from it, the Wix Website Builder can provide you with customized solutions for your webpage where you can have your beautiful website design as per your preferences. Moreover, you will enjoy the benefit of additional apps completing your webpage that will be sufficient for providing you with excellent back-end support features.

That’s why the Wix Website Builder can mark its presence in the top five power players of eCommerce website builders, where you can enjoy having multiple revenue streams such as having a podcast where you can easily make money from your content.

4. Shopify:

Shopify is one of the most famous eCommerce website builders which you can adopt for creating your webpage. By using Shopify, you can easily organize your user-friendly inventory tracking system, social media sale channels, and product management. Apart from this, Shopify is also providing you with decent SEO features.

Here in the same regard, Shopify website builder is power-packed with professional themes, which you can easily avail after buying the premium package for your site. Moreover, you can enjoy the combined feature by having the additional application plugins and your whole web page.

Apart from this, Shopify website builder allows you to enjoy many additional privileges such as logo making a feature, brand name generating feature, detailed tutorials for starting your business, etc. Moreover, with Shopify, you can enjoy the benefit of videos, webinars, and various other customer support features.

5. Weebly:

Weebly website builder can be considered best for those online retailers who want to trick out their users with every aspect of their online ventures.

With Weebly, you can have the advantage of a drag and drop editor for your web page to add additional spots such as images, carousels, promo code boxes, banners, and other relevant tools. With this, you will be able to publish your small website in a more professional manner, similar to various other big brand websites.

Conclusion:

Here in this given content, we have provided you with the top five power players of eCommerce website builders who are powerful enough for boosting your online business to another level. So, you can choose any of the eCommerce website builders for creating your website and grow your online business well.

Author Bio:

Wonderpush is an online platform that gives your business an additional benefit of using the most effective tools such as wordpress – Woocommerce push notifications. These tools make your business capable enough of generating business leads and gathering website traffic as well.

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