Ecommerce fraud can be very different and happens at each stage of Online business transactions both in Europe and in the USA. For strong and reliable eCommerce fraud protection the merchant should be, first and foremost, aware of its possible types and then choose the best suitable Anti Fraud tool.
What is the essence of eCommerce fraud?
Ecommerce fraud may occur via stolen or fake personal data. When it happens with a client on your website, the company will be negatively affected as a result and will definitely lose some money. The main types of eCommerce fraud are as follows:
- Card testing fraud or card cracking, when scammers use stolen cards or steal their data from websites.
- Friendly or chargeback frauds happen when after purchasing online something the client requests a chargeback because of the invalid transaction. However, nothing like that proceeded and the company is going to lose money.
- Refund fraud also occurs with stolen cards. After purchase, the scammer asks for reimbursement because of an overpayment, but he chooses another method to return the money back. This means that in the end, the merchant will pay twice.
- Ecommerce fraud activities via personal or eCommerce account takeover. Having access to all the details of the account scammers can do anything they wish until eCommerce fraud detection.
- Interception fraud is happening with orders with the billing and shipping address linked to a stolen card. The package is intercepted and the customer does not get it.
- Triangulation fraud operates the whole fraudsters platforms that are specially created to steal the personal data of clients and businesses.
Covery: eCommerce fraud prevention software
If you are looking for ecommerce fraud prevention software, pay attention to Covery. The company operates for more than 5 years and provides everything needed for eCommerce fraud protection, namely:
Rule management system and machine learning engine
Behavior patterns of users are reproduced. Then learning models of machines are combined with personalized decisions for reliable eCommerce fraud detection.
KYC automation and device fingerprinting
KYC procedure and device fingerprinting are totally automated. All the data are collected and analyzed, providing you with swift decisions.
Trustchain and enhanced reporting
This eCommerce fraud prevention software gives the business information about possible eCommerce fraud in the most convenient way.
Fraudsters create sophisticated and advanced methods for their activity. However, there are good solutions that can protect you and keep your business safe.
