Did you know that the Christmas season is the busiest one not only for online retailers, but also for fraudsters? It is no surprise, considering the number of transactions typically processed by online stores during this hot season. The more transactions, the easier it is for a fraud to slip through the cracks. Luckily, there are fraud prevention services you can use.
What are the Most Common Types of Frauds?
There are at least a few methods a fraudster can use to gain illegal profits. The most common crimes include account takeover and using stolen credit cards to make a purchase. However, the most hurtful for eCommerce retailers are charge back cheats made by customers, who place orders using their own credit cards and then claim a charge back from the credit card company, even though they have received the ordered goods. These way online retailers lose not only their products, but also their profits.
How can a Fraud Prevention Service Help?
The safety means used by credit card processors, such as security codes and address verifications, are not enough to discover potential frauds. Fraud prevention services use much different information from multiple sources to identify a potential fraud. Fraud prevention services require simple Magento customization to become fully integrated with your online store. Monthly plans for fraud prevention services start at $80, although they can also go up to as much as $1,000 a month, if you need advanced protection for your online store. If you know the cost of ordering fraud prevention services, you can also establish whether you need this kind of service or not: calculate your loss due to frauds in the last few months and compare it with the cost of ordering fraud prevention services. It is an easy way to estimate how much you can gain by ordering fraud prevention services.
The article is written by Jane kaine. She is a Computer analyst working in a top company. She is a blogger who writes on topics like Online marketing, travel, ongoing trends in marketing, Social media etc. She loves to share her experience through blogging and loves hear feedback from the readers. You can contact her through twitter or facebook.