Recently, the number of online sales has increased significantly, which means that more and more online shoppers are at risk of being targeted by scammers. Of course, everyone should evaluate a reliable site on which they enter confidential data themselves. However, conscientious merchants, on their part, can also protect customers using modern fraud protection solutions.
Common Types of Frauds
It is almost impossible to compile a complete list of all types of frauds. With the development of complex technologies, scammers are constantly improving their methods. However, some types are still the most common:
- Card-not-present fraud
- Affiliate fraud
- Phishing
- Triangulation fraud
- Chargeback fraud
- Synthetic identity theft
- Friendly fraud
- Account takeover
How to Keep Your Customers Safe
All of these types can be really effective as they exploit customer trust and loopholes in your security system. To minimize risks, you should use complex and versatile protection measures.
Security policies
Security policies include a fairly extensive list of methods that ensure data protection. If you accept online payments, your site should meet all PCI DSS requirements. Also, you need to use TLS/SSL protocols, which ensure secure encryption and transfer of data. Make sure all key points use strong passwords that comply with current security regulations. All plugins and other software used should be regularly updated.
Device fingerprinting
This method is not the newest invention, but it was actively used to prevent fraudulent activities relatively recently. The core of device fingerprinting is to collect information about a specific device, analyze it, and, based on it, make a conclusion about the visitor’s reliability. Suspicious triggers can be anonymous browser sessions, emulation devices, ad-blocking apps, and so on.
Multi-factor authentication
The essence of multi-factor authentication is to request two or more types of information from a client when logging in. It can be a password, temporary code sent by SMS, fingerprint, cryptographic key, and so on. It is rather difficult for hackers to get hold of all this data in order to gain access to your visitors’ accounts.
KYC Service
It is another way to identify unreliable users before your business and customers get involved in illegal activities. After a thorough check of the data about a legal entity or an individual, you can determine the degree of reliability of a client and continue working with them or send their dossier for additional (deeper) study.
Reliable Gateway
Payments gateways are essential for all businesses that sell online. They not only allow you to accept payments in any currency and from anywhere in the world around the clock but also provide reliable data encryption. Since financial information is not stored with you or shared with third parties, you do not need to worry about safe storage.
Use Trusted Anti-Fraud Solutions to Protect Customers
These methods allow you to protect your visitors’ data and financial information, which means they help avoid losing your client base and reputation. Implementing new security methods will cost you less than recovering your business from fraudulent activities. Use modern anti-fraud solutions to be one step ahead of scammers.
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