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Advice and the Top eCommerce Fraud Prevention Companies
eCommerce is booming, but so is the threat of online fraud. Online merchants work hard to build trust and cultivate loyal customers, yet a single fraudulent transaction can shatter that effort. With global losses expected to reach $48 billion in 2023, eCommerce fraud prevention is no longer optional – it’s essential. TAMI has identified over 7M eCommerce Companies but so few are protected in these trying times.
Navigating the landscape of fraud prevention solutions can be overwhelming. From AI-powered giants to niche specialists, the options are endless. This article delves into the world of eCommerce fraud prevention, highlighting key players and their strengths.
Fraudulent Foes
Before exploring solutions, let’s understand the enemy. eCommerce fraud comes in many forms:
- Account Takeover (ATO): Hackers hijack customer accounts to buy goods or steal data.
- Payment Fraud: Stolen credit cards or fake accounts are used for unauthorized purchases.
- Friendly Fraud: Customers claim legitimate purchases as unauthorized to get refunds.
- Triangulation Fraud: Fake online stores lure customers, collect card details, and forward orders to real merchants, leaving the latter with chargebacks.
Fraud Fighters
Time to choose your champion. The ideal solution depends on your business size, industry, and specific needs. Here are some top contenders:
1. Riskified: This AI-powered powerhouse boasts advanced analytics and machine learning to detect even the most complex fraud schemes. Its global reach and focus on high-risk transactions make it ideal for large enterprises.
2. Sift: Combining AI with a global network of merchants, Sift excels at identifying suspicious patterns and blocking ATO attempts. Its user-friendly interface and customizable rules cater to businesses of all sizes.
3. MaxMind: Known for its global IP intelligence, MaxMind helps identify suspicious locations and devices associated with fraud. Its data-driven approach complements other solutions, offering merchants an extra layer of security.
4. Forter: Specializing in card-not-present transactions, Forter leverages real-time decisioning and behavioural analysis to prevent payment fraud. Its focus on transaction risk management makes it a valuable tool for high-volume merchants.
5. Nsure: Now, let’s talk about Nsure. This rising star utilizes AI and machine learning to detect and prevent various fraud types. Its key strengths include:
- Multi-layered Defense: Nsure combines device fingerprinting, behavioural analysis, and risk scoring to create a robust fraud detection system.
- Customizable Rules: Tailor the solution to your specific needs and risk tolerance.
- Global Coverage: Protect your business from worldwide fraud attempts.
- Transparent Pricing: No hidden fees, just clear and competitive pricing plans.
Remember: No single solution is a silver bullet. Consider your budget, industry, and specific needs when choosing your fraud prevention partner.
Always Equip Your Armor
Technology is crucial, but don’t underestimate the power of good practices. They’re your first line of defence and as such, it’s important that you maintain proper practices to protect your business and the customer. Here are some examples:
- Implementing strong password policies and two-factor authentication.
- Monitoring customer activity and flag suspicious behaviour.
- Stay updated on the latest fraud trends and adapt your defences accordingly.
By combining the right technology with good practices, you can create a formidable shield against eCommerce fraud. Remember, your customers trust you with their information and their hard-earned cash. Protecting them is not just good business, it’s your responsibility.
If you’d like to learn more about how TAMI can help you prospect the eCommerce world more safely, click here to book your free trial and speak with one of our team members.
