As sales surge over the holidays, cases of fraud come up. This past year, cases of e-commerce scams spiked by more than 30 percent over the holidays. That fraud can lead to big failures over the holidays.
To get that reason, it’s vital that businesses understand how to lessen their risk, especially through the holiday season. Find out some of the essential steps to protect your business with these pointers from Sift Science.
Understand how Scam Is Committed
Before you wish to combat fraud, you may need to really know what to look out for. There are many common methods that fraudsters use, from chargeback to buys made with stolen financial information. And protecting your business’s own sensitive data can be a major help avoiding the negative effects of the people fraudulent activities.
Look for Behavioral Anomalies
One of the biggest ways to guard your business is to buy nearly anything that’s especially remarkable.
Several of the traditional alert signs of fraud include high-value orders, buying big-ticket items, multiple transactions on one card that go to the different shipping address, and purchasing large volumes of a single popular item.
Use a Fraudulence Prevention System
However, the holidays in many cases are a time where those anomalies happen even without the form of fraudulence. So you don’t need to jump to findings based on one signal.
The average order value goes up, and you see more people shipment gifts to far-flung locations. That’s why we recommend integrating a powerful fraud-prevention system.
Solutions that examine multiple signals in real time offer a strong protection for dealing with these nuanced fraud patterns.
Suntan says tools like those from Sift Science can assist you separate normal holiday season shopping patterns from alert signs which may indicate more nefarious behaviour.
Verify Several Cases Manually
You will find heading to be some situations where you can’t completely determine whether you’re trading with fraud or a proper sale unless you speak to the purchaser yourself.
Intended for grey-area cases where you aren’t really unsure if an order is fraudulent or not, you can always manually verify by dialling or emailing the consumer to be sure it’s really them.
Don’t Turn down Genuine Customers
It’s also important during this busy season you do not get so hung up on fraud prevention that you conclude turning away genuine customers. Be reasonable about the security features you put set up so you don’t make the buying process too difficult or time-consuming.
Make sure you’re not being so cautious about protecting against fraudulence that you’re accidentally making away good orders! Although fraud is unquestionably damaging, it can be even more costly to block a good customer. Holiday customers you do not have the patience to run by using a bunch of security bank checks simply because they’re shipping a sweater to their granddad in Japan.