Suppose, you buy any product from an eCommerce website, but it turns out a fraud. Across the internet, 50% of news is based on online committed frauds. Not every website we encounter is trustworthy.
It mostly happens when someone uses a false identity, stolen or fake credit card. When a customer gets engaged in these types of frauds in any online store, it will affect the revenue of the store owner negatively. Ecommerce Fraud Prevention strategies must be known by both users as well as for owners.
Various types of fraud can be experienced while buying products online.
These fraud types can occur in both big and small online stores.
Let’s have a look:
- Card Testing
- Friendly Frauds
- Frauds at the Time of Refunding
- Takeover of an Account
- Interception Frauds
- Triangulation Frauds
These are some of the basic frauds that can be done with you, so be aware!
How Can You Detect an eCommerce Fraud?
Scammers are way too sharp to hide their identity from the public; we are providing you with some tips to detect fraud/scammers.
- Compare Data Points: Data points such as their IP address, location shipping address, and identities.
- Check for a Social Footprint: Failing the identification of cardholders using public data from social media is thebiggest sign of fraud.
- Indentifying Card Testing Attempts: These attempts can be done from low transactions like $1, especially when they came from the same account.
We all know that there is no quick action towards these types of fraud, you can’t stop the scammers out there, but you can protect yourselves from those scammers who are waiting to hunt you down.
Here are some of the practices you can follow to prevent yourselves from eCommerce fraud.
- Beware of Social Media Attempts
To stay safe from online scams, you must be aware of these things and even you can tell your friends to have a look at them.
- Never share your personal information
- Don’t send money to any online store
- Use secure access codes
- Don’t reply to unexpected texts and phone calls
- Conduct Online Searches
Do self-research about every single thing before buying anything. Read out the reviews and other information about the store.
If you found anything fishy, don’t try to make any step forward.
- Don’t Trust Caller IDs
Many scammers try to reach you through different numbers, with different names. Always check those numbers. Various apps will help to let you know whether the number is spam or not.
If the number is highlighting spam, immediately block it, so that it will never contact you again.
- Never Hurry-up to Pay
Today’s generation is so impatient, that they don’t have time to think even when they are about to do some important work. Online shopping becomes a trend nowadays, and many of you choose to pay online. You have to be very careful to make payments. Choose cash on delivery whenever you choose to buy something online.
- Talk to Someone
Never take your decision on your own; it can be very risky for you. Always take advice from a second person in case you are going to do something for the very first time.
Especially, when it comes to online purchasing, there are many sites out there that are waiting for you to become their prey, and by doing something foolish on your own without talking with a second person, you will become a victim of online fraud very easily.
- Don’t Pickup Fraud Calls
There are a lot of scammers out there who call by any unknown number to attract you from their different sales strategies. Don’t accept those, that can be a scammer, never fall for their traps.
- Sign-up for Free Scam Alerts
- To prevent yourself from getting scammed, try to sign-up for various eCommerce Fraud Prevention software to protect yourself from various scammers out there.
Here are Some Tips for Merchants also to Prevent Fraud Strategies
- Manually Review Risky Orders
- Limit your Order Quantities
- Collect Proof after Delivery
- Show Policies Clearly on the Website
- Build Blacklists
- Be More Careful in Peak Selling Seasons.
It is very difficult to protect eCommerce companies from fraud. Therefore, eCommerce Fraud Prevention requires a high approach, end-to-end transactions, prevention tools, and secure payment gateways.