People spend a lot of time online buying products, which opens them up to the possibility of having their information fall into the wrong hands. As a business that sells products, not only do you need to offer customers a payment gateway that is easy to use, but it should also offer fraud detection.
Credit card fraud on the internet is a huge problem, and it could wind up costing you a lot of money. The most common fraud that occurs is people using stolen credit cards, and this is a lucrative and thriving business.
When a stolen credit card is used and the owner discovers the purchase, they will call the credit card company to reverse the transaction. This creates a chargeback, and it can cost you a lot of money in fees, assessments, and lost product. Thus, it’s helpful to have a fraud detection system in place to stop these purchases before they occur.
There are many products available that claim they can stop fraud in their tracks, but often, this software is incomplete. When it comes to finding the right tool for your business, there are certain things you need to look for.
A Normalized Checkout Experience
Being able to detect fraud during the checkout process ensures that your business won’t lose money or the product you’re selling, and this is where a lot of other providers fall short. Finding a vendor that has a normalized checkout experience means they’ll be able to gain insights into fraud that other tools might not.
A normalized checkout experience allows the fraud detection system to read behavioral patterns as features. Things such as mouse movements, capitalization, clipboard usage, and keystrokes, along with other things, make more sense when the elements of the DOM are understood.
Having a normalized checkout experience in place also allows the payment process to gather pertinent information about the payment and understand outcomes in detail. They get to see chargebacks directly with full detail, which gives them valuable insight into detecting and preventing fraud.
The Ability to Use Machine Learning
Machines have the ability to analyze a lot more data than humans, and they can do it faster. Thus, when it comes to finding a fraud detection system that can help your business save money, you should be looking for one that uses machine learning. This will ensure that every bit of information that comes through your checkout process is scrutinized to look for problems that can save you money in the long run.
It Should Work From the Start
To protect yourself and your customers from scams, the process you use should work from the moment you incorporate it into your site. Criminals are always looking for the easiest and fastest way to get products without having to pay for them. If your fraud system doesn’t work from the beginning, you may find yourself becoming a target and losing a lot in the process, including customers, money, and products.
For the most part, people who use the internet have good intentions. They appreciate how easy it is to connect with friends and family and have products sent directly to their home. There are those, however, who will do what they can to take advantage of and get products using stolen credit cards. To reduce the losses experienced by your business, you need to have a fraud detection tool in place that works differently and has your best interests in mind.
Find more business tips in our entrepreneur category.
Subscribe to our newsletter and get this FREE No Soliciting Sign in your inbox shortly after signing up!