Tools to Fight the eCommerce Software Fraud Battle

eCommerce fraud is on the up, it’s a fact.  As more and more retailers turn to the web to complement traditional bricks and mortar stores, online fraud is becoming a real issue but luckily there are ways to fight back.

For some time now, Mastercard and Visa have had the 3D secure validation system in place to carry out a password challenge for shoppers paying online.  This system has i5t’s critics as many argue that it leads to more dropped baskets when shoppers cannot remember their password or become unsure of what is happening.

Our eComerce software handles these issues by ensuring that the 3D validation is carried out inline with the site meaning the shopper is not forced off site to complete this step.  So many eCommerce stores carry out the validation off site yet take the card payment onsite begging the question why?  A simple change to the process decreases the chance of the customer leaving the store before completing payment.

It is also a fact that 3D secure will protect the merchants from unnecessary charge backs.

Another method that we will be launching in v1.4.1 of our eCommerce software is a partnership with MaxMind who are the leaders in online fraud detection.  The way it works is before the customer even enters their credit card details, MaxMind will carry out a series of tests on the order details to determine the likelihood of the order being fraudulent.

The store owner can then set thresholds on the order, either declining it straight away if there is a high chance of fraud or placing the order on hold for manual verification after payment is made.

The store owner receives a wealth of information about the order to pre-empt attempts to place fraudulent orders thus saving time and money.  What’s more, as a result of our partnership with MaxMind we are able to not only offer the basic minFraud service free of charge but also offer a 20% discount on upgrades to the standard and premium services.

Online fraud is not going to go away, it will increase in it’s attempts and sophistication so retailers need tools such as these to combat this tide.

Have you experienced fraudulent orders ion the past from your cart? What extra checks do you do to make sure the order is genuine?  Tell us below by adding a comment…