Most businesses identify fraud after it has been committed. The worst part is that you can’t revert the damage done to your online shop after it has occurred.
On average, around 4,800 websites get attacked monthly, which isn’t a small number. You never know because your website might be next, and you’ll run into lots of trouble if you don’t have any software to protect it.
This article will go through the top 6 eCommerce fraud prevention solutions you should consider for your brand.
Many business owners continuously think of how to prevent eCommerce fraud. While many eCommerce specialists can give you different ideas, using eCommerce fraud prevention software is the solution.
What does eCommerce fraud prevention software do?
An eCommerce fraud prevention software automatically allows online shops to accept or decline a payment to avoid chargeback risks or other frauds. It’s a good idea to remember that not every fraud prevention software can be on the lookout for every detail.
However, to be protected as much as possible, it should be your duty to address as many problems as you can. This is to ensure you don’t disturb the customer’s shopping journey.
Signifyd is a popular choice in the online world and is currently used by some of the largest retailers worldwide, like Samsung, eBay, Mango, and more. Signifyd’s prevention software is separated into four different parts, which are:
Large retailers primarily use Signifyd because of the following:
More or less, you’ll find Signifyd as a great fit if you use Shopify, Salesforce, and Magneto.
Pricing options are available once you directly contact them on their website, and let’s not forget that it’s also available on the Shopify app store.
Offers world-class fraud management software by identifying each individual through each online interaction. Riskified is known for its following key features:
If you want to learn more about Riskified’s pricing plans, contact them directly on their website.
Alternatively, you can download the app from Shopify’s app store itself and even learn more about pricing plans from there as well.
However, we know one thing: the larger the transaction size is, the more it’ll decide the price of your chosen plan.
Overall, the tool is easy to use, has reported issues with the dashboard features, and doesn’t provide any KPIs for recorded orders.
What is better than downloading Shopify’s free fraud filter if you want to use world-class fraud prevention software?
With the fraud filter, you can create custom filters that meet your business needs. The fraud filter will flag all suspicious orders on the order page based on the filters you set. After these filters are flagged, you can prevent all fraudsters from placing orders on your online store.
In other words, Shopify’s fraud filter provides an extra layer of fraud prevention to help you fight fraud and avoid any hidden attacks.
The fraud filter lets you set up warnings for hidden orders or block them entirely. Once a suspicious order matches the filter you set, it’ll automatically cancel it or warn you to do so. The best part is that it’s entirely free to download.
An unauthorized transaction that passes by is always referred to as fraudulent. Fraudulent transactions can cause chargebacks, which automatically result in you losing money. The Shopify built-in fraud analysis system uses machine learning (ML) algorithms to help you eliminate any unauthorized orders made.
Moreover, a suspicious order can be analyzed in the following ways:
Another free extension Shopify provides is Shopify Protect. Shopify’s fraud algorithm uses data across the network to stay updated and prevent the latest type of fraud that tries to hit your online store every day.
While using Shopify Protect, orders can be marked as Protection Active and are eligible for protection and completely ensure security within every transaction conducted. Additionally, Shopify Protect covers chargeback costs, so in this case, it’s covering the total cost of the order and the chargeback fee.
You might have heard of Seon before because it’s a popular fraud prevention software used by many online businesses.
Seon provides fraud detection solutions for businesses and insights into all transactions and interactions. Additionally, it gives you around 50 social media and digital lookups. Moreover, Seon is used by many large companies such as Carbon, Revolut, AirFrance, and more.
Seon’s features include the following:
Pricing with Seon starts at $299 per month with unlimited users and offers a free trial. The free trial lasts 14 days and is easy to use and customize. After that, you can decide whether the platform belongs to you.
Furthermore, the most common industries Seon is used for are the following:
If you’re using the Shopify app store, you can download Seon’s fraud prevention app from there too.
Cybersource is a fraud prevention company established 12 years ago with its mission to protect you from fraudsters trying to hack into your credit card information. What’s so great about Cybersource is that you can get the “all-in-one” package of control for fraud management, transactional security, and accepting payments.
Overall, Cybersource’s primary goal is to ensure that all payments are made with a personalized experience and are secure from online attackers. Cybersource succeeds in doing this by providing behavioral tracking, and user authentication using the standard IP and device analysis.
The primary reasons why Cybersource is widely used because of the following:
If you want to learn more about Cybersource’s payment options, it’s best to contact them on their site and find out what they offer and how much it’ll add up.
Above all, most users will download Cybersource because it allows them to work with Visa for all payments made.
ClearSale is an e-commerce fraud prevention software. It helps organizations prevent fraud and enhance their customer satisfaction levels. It’s a popular software and is used by more than 5000 organizations.
Key features include:
E-commerce fraud protection
There are two types of pricing plans associated with e-commerce software:
When you choose to use ClearSale, you won’t have to worry about monthly or setup costs. It easily integrates with Oracle, SalesForce, Shopify, and many other platforms. The customer support is top-notch, and you won’t be disappointed.
However, remember that pricing plans aren’t publicly available, so you’ll need to visit their website to find out more.
ClearSale supports the following industries:
Fraud is nothing exciting to face when you run an online shop. The last thing you would want to happen is for customers to think you are manipulating them. If an online fraud attack does occur, it can drastically damage your business’s reputation.
Therefore, eCommerce fraud prevention software was created to handle these situations. Regardless of the eCommerce fraud prevention software you choose to use, it’s always better to have one than not to have any.
Statistics show us how much in danger we are from fraudsters, so it’s time to take action and start preventing these attacks.
