September 1, 2016
In a time of digitization, the relationship between buyer and seller comes down to the merchant’s ability to provide a safe marketplace. Customer data and privacy are on the top of the agenda for ecommerce retailers. After all, Ecommerce retailers are ready and willing to fight fraud. For the simple reason that retailers want to make sure customers return as loyal shoppers.
Thankfully there are ways in which retailers can prepare and respond to such threats. In this way they can prevent and mitigate the impact of attacks.
1. Embrace the Latest Technology
Retailers need to realize that fraud prevention measures can ruin customers’ online shopping experience and negatively impact the brand’s reputation. It is important for retailers to avoid fraud without adding friction to the customer experience. This is crucial to raking up ecommerce revenue.
Fortunately, there are emerging technologies that can help retailers fight fraud and protect their sales, customers, and sensitive data.
Riskified, a leading ecommerce fraud prevention company is pioneering the charge-back guarantee. The company’s ecommerce fraud prevention solution protects the bottom-line and customer experience.
This guarantees peace of mind for hundreds of global retailers, including Burberry, Wish and Viagogo. Meanwhile, another company, Kount, is a SaaS platform that helps ecommerce managers deal with fraudulent activity.
2. Test Your Preparedness Level
If fraudulent activity was to affect your business, how would you handle the situation? Even leading brands are forced to endure embarrassing attacks that lead to severe revenue losses. This also has a massive impact on the company’s reputation as a secure retailer. With the rise of ecommerce, small and medium ecommerce site owners need to be better prepared. To reduce fraud risk, retailers should consider the security level of their ecommerce store.
3. Detect Early
Ecommerce managers would be in best shape if they were able to protect against fraud by detecting this type of activity early in the process. Installing software and embedding advanced IT systems within their ecommerce sites. In order to foresee such attacks beforehand results in optimal performance, consumer safety and financial security are important. ecommerce retailers fight fraud and should consider instituting a process of surprise internal and external auditing.
4. Hire a Dedicated Security Expert
Sometimes issues related to security and fraud should be delegated to an experienced security expert. If resources are readily available to spend on this, ecommerce retailers might want to hire an individual to carry out this function. This can include installing and managing particular fraud software, writing out the main security norms and standards for all employees to understand.
5. Embrace EMV
EMV, which stands for EuroPay, Mastercard, and Visa is a global payment standard for merchants to integrate new credit cards with computer chips embedded. EMV is the current alternative to the swipe-and-sign process, all too common in traditional sales environments.
Today an online store owners can be just about anyone with a desire to sell and these open marketplaces are perfect environments for fraudulent activity especially when security is not a top priority for a retailer.
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