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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.

Published

2 years ago

August 8, 2021

TwinzTech

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.

Table of Contents

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.

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

How To Prevent eCommerce Fraud

Fiserv, an eCommerce platform provider, created an infographic.

AI Tools

Common NetSuite Support Questions: Answered!

NetSuite support is a dedicated service the platform provides to assist users with technical issues, queries, and challenges while using the software.

Published

1 month ago

August 18, 2023

TwinzTech

How Can NetSuite Support Improve User Experience

In today’s quickly changing business environment, organizations seek flexible and practical solutions to simplify their processes, improve customer experiences, and spur development. NetSuite, a comprehensive cloud-based business management software suite, has emerged as a frontrunner in meeting these demands.

As businesses harness the power of NetSuite to propel their success, questions, and challenges are inevitable. In this blog, we’ll address some of the most common NetSuite support questions, providing clarity and insights into how businesses can navigate the intricacies of this dynamic platform.

Table of Contents

1. How Does NetSuite Support Work?

NetSuite support is a dedicated service the platform provides to assist users with technical issues, queries, and challenges while using the software. Whether troubleshooting errors, clarifying functionalities, or guiding users through complex processes, NetSuite support aims to provide timely solutions. Users can access support through various channels such as phone, email, or an online portal.

2. What Types of Issues Does NetSuite Support Address?

NetSuite support caters to a wide range of issues. These can include system errors, configuration problems, data import/export concerns, customization inquiries, and general software usage queries. From resolving glitches to offering guidance on optimizing workflows, NetSuite support is a comprehensive resource for users facing challenges at any stage of their operations.

3. How Can NetSuite Support Improve User Experience?

NetSuite support enhances user experience by ensuring users can navigate and utilize the platform effectively. When users encounter obstacles, timely support assistance provides minimal disruption to their workflows. This assistance and guidance on best practices enable users to harness NetSuite’s full potential for their business needs.

4. Is NetSuite Support Only for Technical Issues?

There are various ways to expand your business and increase your revenue. One effective way is to explore new markets and target a wider audience. Another option is diversifying your product or service offerings to cater to customer needs. Consider investing in marketing and advertising to raise brand awareness and attract more customers.

Optimizing your business processes and utilizing software tools like NetSuite can help streamline operations and boost productivity. The NetSuite support team can assist you in these efforts by providing valuable insights and guidance.

Data-Driven Strategies Leveraging Analytics in NetSuite CRM and Sales Force Automation

5. How Does NetSuite Support Collaborate with Consulting Services?

NetSuite consulting services are designed to provide businesses with more than just immediate issue resolution. Instead, consultants work closely with a company to understand the organization’s unique requirements and offer strategic guidance on optimizing NetSuite to meet those needs. By collaborating with support and consulting teams, businesses can address even the most complex challenges with a comprehensive approach that combines immediate solutions and long-term enhancements.

6. Can NetSuite Support Assist with Data Migration?

NetSuite support offers comprehensive assistance to businesses during data migration processes, ensuring a smooth and successful transition. Whether moving from legacy systems or importing data from spreadsheets, NetSuite support guides provide the necessary guidance to make the process seamless and accurate. With their expertise, you can trust that your data will be safely migrated to NetSuite without any issues.

7. Can NetSuite Support Help with User Training?

Absolutely. NetSuite support can guide users who require assistance while implementing what they’ve learned during NetSuite training. Whether clarifying concepts or troubleshooting issues encountered during the practical application, support helps bridge the gap between activity and real-world usage.

8. How Can Businesses Get the Most Out of NetSuite Support?

To maximize the benefits of NetSuite support, businesses should communicate their challenges clearly and provide relevant details. Specificness about the issue, its context, and error messages can expedite the support process. Additionally, businesses should leverage NetSuite’s knowledge base and community forums for quick answers to common questions.

9. What Role Does NetSuite Training Play Alongside Support?

NetSuite training is an essential part of maximizing the benefits of this platform. While support is crucial for resolving immediate issues, training is equally important as it enables users to operate NetSuite effectively. By providing users with the knowledge and skills to navigate the platform independently, training reduces the need for frequent support interactions. Ultimately, this empowers users to use NetSuite to its full potential confidently.

10. How Can Businesses Ensure a Seamless NetSuite Experience?

To achieve the best results with NetSuite, businesses should take a comprehensive approach that includes leveraging support services for immediate assistance, consulting for strategic customization, and training for skill development. By integrating these services into their operations, businesses can create a robust ecosystem that fosters NetSuite’s success.

In conclusion, businesses may encounter various questions and challenges as they continue to integrate NetSuite into their operations. To successfully navigate these hurdles, it’s essential to understand the role of NetSuite support and how it collaborates with consulting and training. By taking advantage of the comprehensive support offerings available through NetSuite, businesses can unlock the platform’s full potential, improve efficiency, and thrive in an increasingly competitive business landscape.