5 Ways To Protect Your Business From Ecommerce Fraud 2024

How to Protect Your Business from eCommerce Fraud Key Strategies

Discover essential strategies to safeguard your eCommerce business from the rising threat of fraud. Learn about 3D Secure 2, risk scores, device verification, and more. Trust emerchantpay for secure online payments.

eCommerce fraud is on the rise, with businesses losing $20 billion in 2021.
Protecting your business from fraud and cyberattacks is crucial.
Key questions to ask your payment service provider for fraud prevention.
3D Secure 2 and strong customer authentication.
Calculating risk scores and their importance.
The role of device and ID verification in fraud prevention.
Setting transaction limits to prevent fraud.
The commitment of emerchantpay to safeguarding businesses against fraud.

In the ever-growing world of eCommerce, the threat of credit card fraud has become increasingly pervasive. With businesses collectively losing $20 billion to fraud in 2021, safeguarding your revenue and maintaining trustworthiness are paramount. This article delves into the essential strategies for combating credit card fraud. We will explore the key questions to ask your payment service provider, the significance of 3D Secure 2, the calculation of risk scores, the role of device and ID verification, and setting transaction limits. emerchantpay is dedicated to providing secure payment solutions to protect your business against fraud.

Key Questions for Fraud Prevention
- Does your payment service provider monitor fraud in real-time?
- Are they using geolocation and an Address Verification Service (AVS)?
- Do they leverage 3D Secure 2 for customer identity verification?
- Are transactions assigned risk scores based on various factors?
- Is device and ID verification applied to enhance security?
- Have you set transaction limits to prevent fraud?
3D Secure 2 (3DS2)
- 3DS2 provides an additional layer of protection against fraudulent transactions and chargebacks.
- It adheres to strong customer authentication (SCA) requirements, as mandated by the European Payment Service Directive 2.
- It prompts users to provide two of the following elements something they know, own, or are.
- Your payment service provider should work with you to determine which transactions require 3DS2 authentication.
Risk Scores
- Transactions are assigned risk scores, typically ranging from 1 to 100%, based on various risk factors and fraud patterns.
- Factors include BIN match, geolocation detection, and the origin of IP addresses.
- These scores help decide whether to accept, decline, or manually review transactions.
Device and ID Verification
- Comparing elements like device, identity, and location can block potential online fraud transactions.
- This step is vital in preventing fraudulent activities from going unnoticed.
Setting Transaction Limits
- Establishing transaction limits will automatically flag suspicious transactions above a certain threshold.
- These limits should be tailored to your business model and industry, ensuring optimal protection against fraud and chargebacks.
emerchantpay's Commitment
- emerchantpay is dedicated to protecting your business from fraud with its advanced rule-based risk engine.
- The system draws from over a decade of historical transaction records and expert insights to monitor incoming traffic in real-time.
- Its expertise ensures your online payments remain secure while allowing you to focus on your core business.

Safeguarding your business from credit card fraud is essential in the digital age. By working closely with your payment service provider and implementing the strategies outlined in this article, you can minimize the risk of fraudulent transactions and chargebacks, ultimately protecting your revenue and brand reputation. Trust emerchantpay to provide the secure payment solutions your business needs to thrive in the eCommerce landscape.

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