Have you ever wondered which Tips to Reduce e-Commerce and Retail Fraud could be the best for you? The e-Commerce world functions in a different way from the regular commerce world. Since it has a global market and environment, it seems not to be as affected by the international business as the global economy is.
Nevertheless, as it might not be affected by the ups and downs of the regular economy, it is affected by fraud, which has decreased over the recent years thanks to the strategies applied against it. Yet, the e-commerce and retail fraud is a reality that business’ owners need to face and avoid. In this way, they will ensure that they are offering a high-quality service to their customers.
Over the years, the e-thieves have looked for new and more sophisticated ways to steal personal information from the customers’ accounts. That is a problem with which businesses have to deal, since it might lead to a bad publicity for their stores. Some merchants try to solve this problem by reviewing each sale manually, yet this is something that wastes time and can be costly.
There are certain ways in which even small retailers can cope with this issue, in that way they can avoid costly practices and still provide a good service for avoiding online fraud. Here, we will present you some Tips to Reduce e-Commerce and Retail Fraud and depending on the kind of business you are running, you can apply them and give a better service to your customers in front of this situation.
Make sure you are protecting your Customers’ private information
If you did not know, your business is responsible for every customers’ private information as their credit card number, for example. So, the importance of saving this information goes beyond than simply giving a good service. The thing is that you can commit a legal fault whenever this information goes out your website and falls in the wrong hands (or desktops).
This legal fault means a loss of money for your business; there it comes the importance for your online store to be as secure as possible. Also, as we said before a breach on your customers’ private information can lead to bad publicity for your business and in that way you did not only fail to the customers who trusted in your business, but also to those potential customers.
One of the responsibilities you have is to comply with the Payment Card Industry Data Security Standard, which will help you make transactions in a secure way to your business, your customers and their credit cards. For small retail businesses, this can be kind of costly, yet again there are some other services that can help you to accomplish these standards and guarantee a safer service.
Keep up with the most recent threads
This is something maybe the owner of a business is not aware of. There are several websites dedicated to the analysis and sharing of updated information about the most recent threads out there. If you are too busy to keep up with this kind of information, you can always hire someone as a web developer to keep your page as prepared as possible for this kind of new threads.
Another way to keep up is by reviewing payment processors webpages. Most of them usually review and publish information about how to avoid these threads and which new services you can hire to maintain your site safe.
The e-Commerce world is so big there are thousands of communities in which you can find help and support in these cases. Small retail merchants can find a lot of information regarding this situation and also how to solve a current problem.
About the Tips to Reduce e-Commerce and Retail Fraud: Some tools
Here there are some special tools to use whenever you need to avoid retail fraud. The communities we talked above have developed strategies and by using the correct tools, you can also adapt them to your business’ and own needs.
- Get an automated transactional risk scoring: If you program your page to make your customer follow specific logic and settings, then you will know when a fraudulent purchase happens.
- Real-time transactions: Avoid using not-in-time solutions for your customer, add some confirmation emails and in that way, if there is a fraud, the purchase will not pass until you or your customers accept the transaction.
- Adjust your fraud rules and your parameters: As we told you before, you need to be updated with all the fraud-related information there is out there on the web. If you are using a specialized software that works perfectly today, it might not adjust in the best way in five months or a year. So you need to review from time to time what the advances are.
Having an e-Commerce solution for your business is something that will not work by its own, these Tips to Reduce e-Commerce and Retail Fraud can be very helpful for you. The reputation of your whole enterprise might be on the hands of your website. Avoiding these situations is really important, not only for your business’ reputation but also for your customers safety.