eCommerce scam is an unfortunate part of running an eCommerce business, and the best thing that brands can do is to stay vigilant, keep on top of the trends.
FREMONT, CA: As everything changed to digital, merchants had to revamp. They launched new omnichannel flows, streamlined processes to enhance fulfillment, and offered new perks and policies to better loyalty. With more eCommerce sales activity comes a better opportunity for the scam, and fraudsters rose to the occasion. They are quick to pivot and identify new vulnerabilities during the mass migration online. Here is how brands can fight eCommerce scams while simultaneously providing a frictionless customer experience.
Ensuring PCI Compliance
The Payment Card Industry is hot on eCommerce scams and has published wide guidance on the storage and security of data. Ensuring that eCommerce platforms and systems are all compliant with the PCI’s best practices by choosing a platform that guarantees compliance and comes with safe online checkout, layered security, data encryption tools, and PCI scan.
Preparing a Plan of Action
Particular processes can massively reduce the chances of an eCommerce scammer being successful. These include addressing verification when paying – ensuring that the address input goes with the billing address, requesting the CVV card security code when making any purchase, mandating strong passwords, and finally implementing two-step verification. It is advisable to tailor an action plan for if an eCommerce scam does occur so that firms know what to do, who to inform, and how to recover rapidly.
Monitoring Customer Behavior
Customers follow a familiar purchasing pattern – ordering the same products, spending a similar amount, and utilizing the same delivery address. Fraud identification tools can monitor this behavior to notify customers of anything unusual that might indicate an eCommerce scam at work.
Confirming Changes in Payment Methods
A common method for eCommerce scams to trick firms out of money is posing as the suppliers or manufacturers and updating their bank information for wire transfers. Before continuing, firms must verify with the manufacturers on the phone whenever there is an alteration in payment methods.
Learning from Mistakes
eCommerce scams are complicated, intelligent, and complex to spot. Suppose a scammer does target the eCommerce business. In that case, the best thing to do is to learning from previous mistakes, analyzing how it happened, and implementing additional processes to ensure that it doesn’t happen again.