How to Keep your Website Fraud-FreeJuly 24, 2013
Fraud is a dynamic problem for ecommerce sites – even though anti-fraud technology has done a lot to prevent it, fraud tactics are constantly evolving alongside such countermeasures. Although credit card companies do provide a level of fraud protection, it has limits. That’s why many ecommerce sites run their own anti-fraud divisions. [more]
However, the success of online anti-fraud teams is a balancing act. Fraud has to be preemptively prevented without intruding on an honest customer’s shopping experience. While flagging a legitimate purchase as fraud can create a bad customer experience, allowing fraud to take place can cost your company time, money, and even product.
To make sure your anti-fraud efforts are worthwhile, stay up-to-date on the latest trends in fraud, as well as fraud-fighting technology. Apply this knowledge when you train staff members. You also need to closely monitor the fraud data your team has accrued to find out which areas require the most focus. For example, are there products you offer that are at greater risk for fraud than others? Are there patterns of fraud in orders from certain countries or credit card types?
But just having the right tools and knowledge isn’t enough; they must be used correctly. Remember, fraud is always evolving, so there are no black and white blanket processes you can apply as a catch-all for fraud. Your staff will need to use experience and good judgment to optimize your site’s bottom-line and keep it fraud free.