eCommerce has become increasingly popular as technology caters to a consumer’s preference on how to purchase goods and services. Unfortunately, with these eCommerce advancements comes the opportunity for scammers. Fraud prevention demands the attention of every business that accepts payments online.
Fraudsters’ actions can directly impact merchants. Financial losses, fees, increased costs, and a poor reputation are just a few examples of what businesses risk when they aren’t taking the proper measures to protect themselves.
Here are four tips you can follow to best protect your business against eCommerce fraud:
1. Know What Suspicious Purchasing Activity Looks Like
Receiving multiple orders from a single IP address using multiple credit cards or large orders with next day shipping could indicate possible fraud.
Businesses should use multiple data points to determine if a transaction is fraudulent or not, because single data points aren’t always enough. Tracking customer behavior across channels and devices can help indicate suspicious activity as well.
2. Perform an Address Verification System (AVS) Match
An address verification system (AVS) verifies the billing address against the cardholder’s data from the issuing bank. Most of the time, the fraudster doesn’t have access to the billing address of the cardholder so if the addresses don’t match – businesses should not fulfill the order. In addition to AVS systems, merchants can also use CVV verification to ensure that the code given matches the security code on the physical card.
3. Become PCI-Compliant
Becoming PCI-compliant is key to protecting your business from data breaches. The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that ALL companies that accept, process, store, or transmit credit card information maintain a secure environment. There are six categories that merchants should pay attention to:
- Secure card processing network
- Protect all cardholder information
- Protect your systems against malware
- Put access control measures in place
- Monitor and test your networks
- Create and maintain an information security policy
Your payment processor can help you become PCI-compliant and maintain that compliance throughout the life of your account.
4. Work with the Right Credit Card Processor
This is the first step to processing online credit card payments securely. Working with a trustworthy processor that is dedicated to security is crucial to the success of your business. A dedicated processor, like Infintech, will learn about your business and customize security solutions that fit your specific business needs.
Learn More About Infintech’s Payment Security Measures:
Contact us online or call 1-800-621-8931.