Cybercriminals are creative when it comes to finding new ways to attack e-commerce transactions. Learn more here.
For businesses, fraud prevention and detection can be understood as the anticipation and uncovering followed by adequate reaction to fraudulent activities (fraud, embezzlement, through actions of employees related asset losses). In other words, fraud prevention develops solutions that prevent existing and imminent risks of fraud, misappropriation or assets loss.
The aim is to minimize the probability of such cases as well as the resulting consequential damage by means of preventive action. In e-commerce, real-time solution might be necessary, eliminating the threat before any damage has been done. Finding the right combination of tools to automatically screen fraud is essential to a good fraud prevention strategy.
Every online retailer must protect themselves against fraud and data misuse, which can be done in real time during the ordering process on the Internet. For this purpose, a shop owner or e-business entrepreneur can resort to various creditworthiness and plausibility checks, which precede the actual transaction in the backend. These fraud prevention measures can be used to check incorrect address data, email addresses, incorrect or stolen account data or credit card data, negative credit ratings via blacklists and credit bureaus.
Online merchants who work with a payment service provider for payment processing can usually protect their shop by choosing from a selection of fraud prevention modules. The payment service provider should offer comprehensive advice and monitoring in this case. This means that the payment service provider monitors for the online retailer, how the orders, rejections and chargebacks develop depending on the payment method and fraud prevention, in order then to optimize the settings accordingly.
Arvato Financial Solutions and behavioral biometric pioneer SecuredTouch to fight online fraud together.
In the first quarter of 2018, 39% of all fraudulent transactions were carried out on mobile apps.
Russian citizen can now use biometrics to log in their online bank account.
Get your free quote in only 3 simple steps!