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Types and Ways to Escape eCommerce Fraud

eCommerce Online Shoping
eCommerce Online Shopping (CREDIT: Pixabay)

Last Updated on February 13, 2023 by ANE Wiki

Electronic commerce (eCommerce) relationships are based on the exchange of the goods and money. As it is known, where there is money, there are sure to be scammers. So, the ecommerce fraud protection is a necessity for every business in the industry today.

It is necessary to understand that the ecommerce fraud protection is important for all sides of the ecommerce relationship. Inasmuch as an ecommerce fraud is a risk for manufactures, sellers, intermediaries, and buyers.

Ecommerce fraud is a type of online frauds, which are provided with a purpose to make illegal profits in the ecommerce niche using a fake identity, stolen credit card, spam, etc.

Of course, more often an ecommerce fraud is provided to make money. Though, it is also quite popular to sell stolen personal and financial data on the black market. So, there is a risk not just to lose a definite sum of money but even to lose the business.

Types of ECommerce Fraud

Nowadays there are a lot of variations of ecommerce fraud. Here is a list of the most common types:

  • Card cracking or card testing
  • Chargeback fraud
  • Refund fraud
  • Account takeover
  • Interception fraud
  • Triangulation fraud

Ways to Fight Against ECommerce Fraud

There are three popular ways to beat scams in the ecommerce sphere are:

  • Support PCI DDS (Payment Card Industry Data Security Standard). This set of requirements assures that the company, which stores and processes credit cards information, is safe.
  • Special care during the holidays. On holiday the flow of customers is increasing and it is getting more difficult to control every deal and transaction. So, it is a great time for frauds.
  • Use blacklists. Create a database with suspicious customers and clear offenders to assure your safety in the future.

However, the most effective method to fight the ecommerce fraud is to use an ecommerce fraud prevention software. Such an anti fraud tool is so efficient because it is based on the ecommerce fraud detection.

So, using the ecommerce fraud prevention software you get a possibility to predict a threat and avoid its unwanted consequences. Due to the technology of the ecommerce fraud detection you can recognize the offender in time.

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