You can’t keep fraudsters from visiting your site, but you can employ safeguards to prevent fraudulent transactions from getting through all year round. Thankfully, we have a number of different articles and guides on how to stay safe, from fraud protection tips to education on chargebacks. Consider the following tips on how to keep your business protected, and how you could implement these in the future.
Protect your Ecommerce Store
When it comes to your online store, it’s important that you incorporate fraud protection measures into your ecommerce solution. New ecommerce solutions are always being brought to market, and given the continued growth of online shopping, it’s safe to assume that the world of fraud protection features will also grow. So, even if you don’t think your ecommerce store needs an upgrade right now, consider checking back in six or eight months time to see if something has changed.
If you think that your ecommerce page could use a little TLC, make sure to get in touch with your payment processor to speak about your options for fraud protection. As an extra tip, make sure to do this before the busyness that comes with the fall and winter holiday shopping season.
Understand the Complexities of Chargebacks, and Mitigate Risks
Chargebacks are a difficult situation for businesses to deal with, and even if you think you’re following all the proper procedures, a dispute could still be made against you. It’s important to understand the complexities of the chargeback process, and the reasons one may occur in the first place. By keeping your knowledge up to date throughout the year, you’ll be better equipped to handle one, should it happen.
To learn more about chargebacks, make sure to read our articles The Top Five Reasons for Chargebacks [VIDEO] and Simple Ways to Prevent Chargebacks From Happening.
Train All Employees the Signs of Fraud
Business owners tend to know more about the signs and complications that come with fraud than their employees do, and this can lead to problems. Training employees to recognize the signs of fraud and respond properly is an important part of running a fraud-smart business. This should be done not only for new employees as part of their initial training, but routinely throughout their employment to ensure they keep up to date.
Think Twice When It’s Too Good to Be True
This tip might not make sense to business owners, but it’s actually one of the best ways to make sure you don’t complete a fraudulent purchase. A consistent theme across fraudulent purchases is that they tend to have high purchase amounts, because the fraudsters are trying to max out the stolen cards before it’s reported lost. If someone tries to make a purchase in-store or online that is far higher in value than a normal purchase, consider using a back up identification technique like ID verification. Some purchases might look too good to be true because they are, and that’s a chargeback scenario you definitely don’t want to deal with!
To learn more about fraud prevention, make sure to check out our article The Types and Signs of Retail Return Fraud.