In 2022, online sales are booming, but so are e-commerce fraud cases. Online retailers are constantly under attack from scammers and cyber hackers who are walking the extra mile to make a quick buck by stealing customer data and the financial information of companies. As reviewed by Faisal Abidi’s team at RNF Technologies, retailers will have to embrace a wide range of scam prevention protocols and tools to reduce the chances of becoming victims of frauds and scams. Read on to know how e-commerce retailers can keep their online stores secure from the malicious intentions of threat actors:
- PCI compliance is a must
A majority of online stores accept credit card payments, for which they have to be PCI (Payment Card Industry) compliant. This authority has a set of guidelines and standards that you must follow in order to provide safe transaction experiences to your customers. While SaaS e-commerce platforms already offer these features, do double-check to confirm that you’re safe.
- Keep an eye out for unconventional activities
When fighting fraud, the old adage, “prevention is better than cure,” rings true. At the end of the day, early detection of fraud can be the key to safeguarding your critical business assets.
It pays to keep a watch on your website for suspicious transactions and orders with erratic shipping details. If you’re suddenly getting orders from a remote region that’s never been the hub of your target audience, proceed with caution. Deploy tools that alert you when suspicious activities take place on your website. For instance, a machine learning tool designed specifically for fraud prevention can keep track of transactions and analyze whether they are from genuine parties or not.
- Don’t store excessive customer data
As a rule of thumb, collect customer details only when it’s indispensable to the order fulfillment process. Don’t store their card details or their social security numbers, as these would be at risk in the event of a cyber hacking attempt. After all, scammers and hackers won’t be able to steal customer information from you when you don’t have it in the first place, right?
- Add authentication layers to prevent fraud
While following standard protocols makes it difficult for fraudsters to hack into your networks and systems, they are by no means foolproof. This is where enabling three-factor authentication features can be of help. Admittedly, it adds more steps that must be completed by the customer to make a purchase; but in the long run, it helps add another robust security layer to their accounts.
How Is Faisal Abidi’s RNF Technologies Tackling E-Commerce Fraud?
As an IT services company, RNF Technologies partners with e-commerce businesses to help them grow their online reach and visibility. Acknowledging that shopping patterns change continuously, the company uses a combination of legacy fraud prevention approaches, as well as the latest technologies to keep the digital assets of their clients safe and up-to-date with security protocols. With a skilled team that’s well-versed in identifying fraud patterns in digital environments, the company takes a multi-pronged approach to fight this growing menace.
Faisal Abidi
