eCommerce fraud is a big, complex, and COSTLY problem that almost every e-commerce website faces. Consequently, no matter what you sell, if you run a large or small business where money is involved, criminals will always be eyeing you.
What is payment fraud in eCommerce? How to detect and prevent it?
eCommerce Fraud is any type of fraud that occurs on an eCommerce platform. Actually, eCommerce fraud takes many forms, including account takeover fraud, friendly fraud, card testing fraud, and more.
While there are countless schemes that fraudsters can use, we want to highlight some of the most common types of eCommerce fraud. Among them:
One of the most common and critical types is fraudulent credit card payments. Access to stolen credit card data continues to grow year over year, as it becomes easier for cybercriminals to purchase this data on the dark web, oftentimes in bulk.
Payment fraud is exactly the fraud type some of our Magento clients have faced recently:
There are a number of ways to protect your business against fraudulent payments and reduce fraud risk:
The Payment Card Industry Data Security Standard is a widely-respected set of requirements ensuring companies storing and processing credit card information and cardholder information — like eCommerce companies — maintain a secure environment. Ultimately, PCI compliance is mandatory, so you must ensure that you are abiding by relevant PCI guidelines to avoid any sanctions or penalties.
When you are trying to run a business, it is meaningless to do everything on your own. Hire an expert to keep track of the security issues, and they will help you maintain transaction safety.
This is one of the most effective ways to fight back against all types of eCommerce fraud. A fraud detection solution is helpful for eCommerce organizations of all sizes and is one of the best forms of fraud protection for eCommerce businesses.
E-commerce sales have been at an all time high, and along with that growth are fraudsters ready to take advantage of unprotected—and under-protected—businesses. Now more than ever, e-commerce businesses need an eCommerce fraud solution that will protect revenue without prohibiting growth.
We’re happy to announce our latest partnership with Sift, the leader in Digital Trust & Safety.
Sift is the leader in Digital Trust & Safety, empowering digital disruptors to Fortune 500 companies to unlock new revenue without risk. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivaled global data network of 70 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Twitter, Airbnb, and Twilio rely on Sift to gain a competitive advantage in their markets.
As a partner, Sift can provide you with industry-leading technology to dynamically prevent fraud and abuse while fueling business growth and protecting your bottom line.
Learn more about Sift and Digital Trust & Safety for Magento here.
As digital business accelerates and adapts, so does the Fraud Economy. Consequently, no matter what you sell, if you run a large or small business where money is involved, criminals will always be eyeing you.
Moreover, we are seeing some Magento merchants being actively hit by carding attacks these days, especially against the backdrop of Magento 2.3 end of life.
How to protect your business and revenue from eCommerce fraud? Therefore, we decided to host an emergency webinar on that topic to share some tips on how to avoid this from happening and a what-to-do list in case that happened.
We asked fraud experts from Sift to join us to dig deeper into anti-fraud procedures.
Jane Lee is a Trust & Safety Architect at Sift, who specializes in spam, account abuse, chargebacks, and payments risk. Prior to joining Sift, she was on fraud teams at Facebook and Square, and also spent some time as a Private Investigator.
Paul has 10+ years of experience in product development and marketing with a primary focus on eCommerce. He is a CRO expert and speaker at ConversionConference (Las Vegas), CloudConExpo (San Francisco), PubCon (Florida).
If you failed to attend live, here we are sharing the recording with you to watch whenever.
Watch the video below.
Thanks for watching and/or reading! We hope you will find this webinar info useful and get something out of it for your business.
In conclusion, it should be clear that you shouldn’t ignore the problem until it’s too late! Start protecting your eCommerce business from bad actors right now!
If you would like to know how MageCloud and Sift can help your business, please contact us to start discussing your requirements.
Stay SAFE! Sell online SAFELY!