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Best Practices for Ecommerce Before And After Online Payment Fraud

 
  by Isaac Thuku  
  Best Practices on Ecommerce Fraud  
  pic courtesy of stellarise.com  
     
 

Online payment fraud

 
 

Online payment fraud refers to an illegal transaction or a false payment executed by a cybercriminal. This characterized by unauthorized transactions as well as false requests for refunds or bounced checks. Keep in mind that ecommerce businesses charge their clients after purchase of their products and service through electronic transactions. With the advancement in technology, more people are relying on electronic transactions for its convenience and efficiency. However, the more people rely on online transactions, the more the cases of fraudulent activities.

With an increase in fraudulent activities, businesses should implement practices to prevent as well as address these concerns in the event they already happened. This will help businesses save on their returns as well as deliver better services.

 
   
 

Best Practice to avoid online payment fraud

 
 

The use of credit card is probably the most used source of online payment. The use of credit cards has been the main source of payment. However, it has greatly contributed to online payment fraud. While individuals and businesses cannot do away with them, it is important that they implement measures to control online fraud via this platform. Therefore, it is recommended that you promote the use of EMV chip cards. Even at this, there are more precautions to put into place to avoid online payment fraud.

 
 

• Cardholder information verification

With the advancement in technology, you can rely on electronic identity verification services as a reliable data source to clarify and verify provided information. Identity thieves will have a difficult time hacking through other people’s information. You can also request for the card verification value (CVV) which should only be known to the cardholder.

• Inclusion of required transaction data fields

It should not be enough to simply have a name and card details to complete a transaction. It is important that you rely on more information. Always ensure that all transactions are only complete after all the necessary information such as telephone numbers, emails, as well as the billing address are complete. This will help with verification of the cardholder.

• Use of confirmation emails

This will help the business to verify if the email provided is valid by sending a confirmation email for the transaction requested. In the event that the message bounces, the chance that you are dealing with a fraudster is very high. It is then recommended that businesses hold the transaction until a valid email is issued.

• Frequently update tokens and log-in credentials

It is recommended that clients change their login details from time to time when before making transactions. This will prevent hackers from easily hacking into your account and obtaining confidential information. It is important that you also ensure that all clients login to an individual account before making any purchases.

The above practices aim at protecting both your e-commerce store as well as your customers from fraudulent activities. In turn, you stand to build your business reputation.

 
   
 

Best practice after online payment fraud

 
 

With the advancement in technology, fraudsters are also using complex approaches to hack into consumer accounts. In the event you detect online payment fraud, it is best that you address the concern as soon as possible. You will need an IT expert to seal the identified loophole. Here are a few tips that will guide you.

• Install online security software that will help detect fraudulent transactions and prevent them from occurring such as FraudGuard and 3D Secure.

• Get tough and specific with password requirements. Allow for longer and detailed passwords as opposed to short and direct passwords, which are easier to hack.

• Always update your systems and platform on a regular. Anytime your operating system has a better version, always update it as they come with better security measures.

 
 

Conclusion

 
 

The above are some of the best practices for eCommerce before and after online payment fraud. They aim at ensuring that you protect your business as well as your customers from payment fraud. Both parties have a role to play and by implementing the above strategies, it will give hackers and fraudsters a difficult time when seeking to defraud people and/or businesses. Preventing and controlling online payment fraud gives your online store a positive and reputable preference by customers. All systems must be up to date to ensure secure and reliable transactions.

 
     
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