The small businessmen are facing the problems of payment frauds. They are facing the problems of too many charge backs and stealing private information of the customers. According to the report of the Association of Certified Fraud Examiners, more than 50% of small businessmen have to face the problem of payment frauds during their life cycle. Along with phishing and hacking, they are facing the problems of fraudulent payments. Here, we will discuss protective measurements to save your eCommerce business from payment fraud.
Set PCI Compliance:
The Payment Cards Industry Security Standards Council is protecting the businessmen from the online frauds. It is a forum of the best payment card companies like American Express, Visa and MasterCard etc. These companies have developed the best practices for the companies to safe the online data of the consumers. If you want to save your eCommerce business from the payment frauds, you should set PCI compliance. To get an idea about their requirements, you can visit the PCI compliance website. You should also try to use such payment process in it which can handle the PCI compliance. The big payment processors like PayPal and Big Commerce are providing the facilities of PCI compliance to the businessmen.If you use these payment methods in your eCommerce business, you can easily save your business website from the payment frauds.
Monitor And Reconcile Bank Transactions Daily:
It is a fact that nobody knows about your business. You are only the person who knows the biggest spenders and the buying patterns of these spenders.Therefore, you can easily handle your eCommerce business by monitoring its billing and shipping information. If your account is showing some inconsistencies in the billing and shipping information, you should take an overview of these transactions. While taking an overview of these transactions,you should also try to know the physical locations of the customers. For this reason, you can use some tools that can track the IP addresses of the customers. These tools will also provide you with an idea about the base of these IP addresses. You should also check the email addresses of the customers.If your customers are using free email addresses, they can also involve in the payment frauds.
The use of the AVS system in your eCommerce business can also save it from the online frauds. With the help of the AVS system, you can verify the address on the credit card by sending a PIN at the physical location. With the help of the AVS system, you can easily detect fraudulent payment cards. You can also use the AVS system to know the support of the payment processing system. It means that you can contact with the payment processing system to know either a specific credit card is valid or not.
Set The CVV Requirements:
Mos tof the hackers get access to the credit card numbers and they can use it in the fraudulent payments. Along with the credit card information, you should also set the requirement of CVV code for the payments. This CVV code consists of three or four digits and it is printed at the backside of the card. If you don’t have access to the card, you can’t know this code. When your customers are entering the CVV codes, it means that they are original users. Therefore,you can save your eCommerce business from these kinds of frauds.
Set Tougher Password Requirements:
Suggested by a dissertation writing service, before selling anything on your eCommerce website, you should set the requirement of creating an account. While creating an account, the users have to set username and password. If your customers are setting easy passwords,theses passwords can be easy to guess for the hackers. As a result, hackers can involve your account in the payment frauds. If you want to save your eCommerce business from the payment frauds, you should also ask them to set tougher passwords. These tougher passwords should consist of lowercase letters,uppercase letters, numerals and special characters. After setting tougher requirements for the passwords, you can also win the trust of the customers.
Up-To-Date The Software And Platforms:
To run your eCommerce website, there requires an operating system. To save your eCommerce website from the payment frauds, you should also make sure that you are using the latest version of the operating system. Its reason is that this latest version of the operating system protects your eCommerce website from the newly discovered vulnerabilities. You can also save your eCommerce website from the latest viruses and malware. To prevent your business website from the attack of the outdated vulnerabilities, you should also try to regularly update anti-spyware software.
Counter check Your Site Security:
After setting all the things at a high level, you should also make sure that the level of your website fraud protection should also be high. For this reason,you should make sure of some essential things. First, you should install an SSL certificate on your eCommerce business website. You should use hard to guess the password and try to update this password regularly. You should hire a security auditor and ask him to check vulnerabilities in your eCommerce website. If there are some vulnerabilities, you should remove these vulnerabilities. You should also use monitoring software. This monitoring software will provide an idea about the real-time fraud in your website.
Set Limits On Purchases:
If a specific person is not your customer but he has put the huge order at a time, it means that this is a suspicious order. Some people steal the credit cards and they use these credit cards for fraudulent payments. When the original customer knows about it, he claims the money. If the bank is supporting his customer, you will have to charge back the money. To save yourself from these kinds of fraudulent payments, you should impose limits on the purchases. You can impose the limit of specific dollars for a single person in a day. This is the best technique to save your eCommerce website from the huge amount of charge back