Every day fraud and identity theft threaten online businesses of all kinds. As an online business owner it is important to understand how fraud has evolved as well as the prevention measures you can take to prevent it. Therefore Paymill highlighted some alarming numbers regarding fraud and what merchants can do to help prevent fraudulent transactions:
Every day fraud and identity theft threaten online businesses of all kinds. As an online business owner it is important to understand how fraud has evolved as well as the prevention measures you can take to prevent it.
In many cases, fraud can be prevented with human intervention in combination with technology. One common way is by integrating 3-D secure into checkout, which is a security protocol that helps ensure the customer is actually the credit card holder. Therefore Paymill highlighted some alarming numbers regarding fraud and what merchants can do to help prevent fraudulent transactions:
By following the three easy steps explained above you’ll be able to reduce fraudulent transactions and save your business from having to pay costly chargeback fees. However please bear in mind that these prevention measures will help you prevent fraudulent activities but it does not guarantee that your online shop will be 100% fraud-free.
