How to Protect Your eCommerce Website from Frauds
Like other forms of business, eCommerce business is also based on getting the right customers and adding to the revenue. As it involves all the necessary business processes, it is also vulnerable to fraudulent activities. Because eCommerce business is solely based on the internet platform where there is a virtual meeting between the sellers and customers, it is more susceptible to frauds. As an entrepreneur who is into an eCommerce business, you need to prevent against such frauds so that your business does not suffer any losses. By this way, you will be able to add to your sales and profit.
So how can you prevent frauds in eCommerce?
Know your customers well
Well, the first step towards eliminating the chances of fraud is to get the right customers whom you are catering to. Once you are able to know that, half of your job is complete. If you know that the customer or customers you are catering too are genuine, you can be assured that your transaction will be free from fraud. This is one reason that most eCommerce businesses require their customers to register on the site by providing basic details, such as name, address, and contact number and so on. Moreover, if there are any instances of fraudulent activities, these details may help you to track.
Be PCI compliant
To safeguard your eCommerce business against frauds, it is advisable that you maintain PCI compliance in your business. This is a part of the Payment Card Industry’s Data Security Standard (PCI DSS) that ensures that both sellers and buyers are secure and protected against different fraudulent activities like data breaches. In fact, noncompliance with PCI guidelines may even lead to hefty fines for your business.
Update your website software from time to time
Updating your software from time to time makes it less prone to hacking risks. These way hackers do not have the scope to obtain sensitive data from your eCommerce site and perform any fraudulent activities. Moreover, while performing any financial transaction, you need to require the Address Verification (AVS) and Card Code Verification (CVV) in your payment gateway. This way you get to know whether the payment platform is genuine.
You would also need to ensure and check whether the billing address is matching with that particular IP location. In case the IP address does not match the billing address, it may mean that the address is not genuine.
Check for other suspicious signs
In addition to these, you need to look for other suspicious signs to understand whether there are any fraud activities taking place. For example, double check if there are huge orders for a single customer, fake phone numbers or contact addresses or suspicious email addresses.
These are the yardsticks for preventing fraud in eCommerce business. You just need to act prudently and wisely and follow them with judgment. The rest will itself fall in place and you will have the last smile.