Ecommerce Fraud: 4 Proven Mitigation Tactics
Ecommerce has become an ingrained part of our lives, as most find it an effortless, convenient alternative to retail shopping, especially considering the times.
Unfortunately, as with most things, some bad actors always find ways to get in, mess with the system and conduct all manner of fraud. This not only damages the business or brand or affects the person, but in a sizable enough quantity, impact the ecommerce ecosystem as a whole.
Companies that put in place different fraud prevention programs have reduced their fraud attack response expenses by 42% according to Merchant Savvy. With that in view, here are 4 proven ways to mitigate ecommerce fraud : Maintain PCI Standards
PCI or Payment Card Industry standards were introduced by the Security Standards Council. These standards were introduced by global standards in the payment processing industry like MasterCard and Visa to help protect consumer data from theft and fraud.
Because of its benefit to consumers and aid in preventing online mishaps, the PCI standards are strictly enforced for any online store or vendor.
According to the Nilson Report in 2019, losses due to fraud that happened because of payment card issuers globally reached $19.21 billion.
Luckily, most payment solution providers like PayPal have built their solutions while keeping PCI compliance in mind. A powerful payment gateway is a tool you must have for your ecommerce business as most of these solution providers will serve ecommerce stores with end-to-end solutions. Alternatively, they can also help with PCI compliance if they aren’t completely handling it on their own.
The detailed PCI standards can be verified from their official website . Make CVV Mandatory CVV stands for Card Verification Value. CVV is the three or four-digit code printed on the back of your credit card. It’s an effective way for consumers and merchants to protect themselves from […]
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