The eCommerce landscape has been under the shadow of a growing menace – eCommerce fraud. In 2019 alone, the global cost of eCommerce fraud rose by 7%, which has only worsened due to the COVID-19 pandemic. The boost in online sales has also resulted in a surge in fraudulent activities, impacting the business of genuine sellers.
This comprehensive guide aims to shed light on various types of eCommerce fraud, strategies for prevention, and how to mitigate its impact on your business. As an online seller, equipping yourself with this knowledge could be pivotal in safeguarding your online business against potential fraudsters.
Table of Contents
The Rising Threat of eCommerce Fraud
As per recent statistics, the global eCommerce market is projected to reach a staggering $5.4 trillion in 2022. This exponential growth has simultaneously attracted an influx of cybercriminals targeting weaknesses in transaction processes and stealing sensitive customer data.
One commonly witnessed eCommerce fraud type is identity theft, which involves unauthorized purchases using stolen customer data. Another prevalent type is chargeback fraud, where customers claim non-delivery or non-authorization of a transaction, forcing banks to issue refunds. Chargeback fraud can be particularly challenging to dispute for merchants, often resulting in financial losses and reputational damage.
With eCommerce fraud gaining ground, online sellers must proactively employ prevention strategies, stay abreast with the latest security measures, and leverage advanced software to detect and prevent unauthorized transactions. Prioritizing customer safety and business security is crucial to building trust, fostering long-term relationships, and minimizing financial risks.
Understanding the Different Types of eCommerce Fraud
Various types of fraudulent activities pose significant threats to businesses. These fraudulent schemes are sophisticated, often making them difficult to detect until the damage has been done. However, a deeper understanding of these fraud types can aid in early detection and prevention. Below we delve into some of the most common types of eCommerce fraud:
Account Takeover Fraud (ATO)
Account takeover fraud occurs when a fraudster gains unauthorized access to a customer’s eCommerce account. This is typically achieved by acquiring the customer’s login credentials through phishing attacks, data breaches, or the dark web. Once inside, the fraudster can make unauthorized purchases using the stored payment details. These transactions often go unnoticed until the customer realizes unusual activity on their account or receives an unexpected bill.
Signs of account takeover fraud can include changes in the customer’s personal information (such as email, phone number, or address), rapid increase in order value or frequency, and multiple failed login attempts. Implementing robust security measures like two-factor authentication (2FA) and closely monitoring account activities can help thwart ATO fraud.
Card Testing Fraud (Carding)
Card testing fraud, also known as carding, is another common eCommerce fraud. In this scenario, cybercriminals utilize stolen credit card information to make small, inconspicuous purchases. These ‘test’ transactions aim to confirm whether the stolen card details are valid and active. Once this is confirmed, the fraudsters make larger, more expensive purchases.
For businesses, a sudden surge in small transactions, often of the same or similar value, may signal card testing fraud. Implementing fraud detection software and tools to identify and flag suspicious transaction patterns can help prevent carding.
Card testing fraud is a significant risk to online sellers. Not only does it cause financial losses and leads to a surge in disputes and additional fees, impacting the merchant’s reputation and customer trust. Furthermore, addressing these disputes and chargebacks can lead to increased operational costs.
To mitigate these risks, online businesses should employ machine learning and AI tools to detect irregular purchasing patterns, set strict spending limits, and include additional layers of authentication during checkout.
Triangulation Fraud
Triangulation fraud is a more complex eCommerce fraud involving the fraudster, an unsuspecting customer, and a legitimate online retailer. The fraudster creates a bogus online storefront offering attractive, heavily discounted products to lure in customers. When a customer purchases, the fraudster uses stolen credit card information to buy the ordered item from a legitimate online retailer and then forwards it to the customer.
From the customer’s perspective, they’ve received their ordered product, leaving them unaware of the fraudulent transaction. However, the legitimate online retailer faces chargebacks once the true cardholder disputes the charge. The high level of sophistication makes triangulation fraud hard to detect. However, some warning signs can include sales from new customers exceeding typical order values and customers reporting receiving packages they didn’t order.
Understanding these various forms of eCommerce fraud is crucial to protecting your business and your customers. By recognizing their signs and patterns, you can develop effective strategies and countermeasures to prevent these fraud types, fostering a safer eCommerce environment.
Chargeback or Friendly Fraud
Friendly fraud, colloquially known as chargeback fraud, represents a unique challenge within eCommerce fraud. In this scenario, a customer uses their credit card to make an online purchase but subsequently contacts their issuing bank to request a chargeback, reversing the transaction after receiving the purchased goods or services.
There can be several motivations behind friendly fraud. Sometimes, it’s merely a misunderstanding or forgetfulness on the part of the customer. They may not recognize the transaction on their credit card statement or have forgotten the purchase entirely. In other cases, customers may be dissatisfied with a product or service and bypass the merchant’s return policy by going directly to their bank for a refund.
However, there are also instances where customers deliberately engage in friendly fraud to acquire goods or services without paying for them. This deceitful practice is particularly challenging for merchants as it can be tough to identify and dispute because the transaction often appears legitimate initially. The financial repercussions of friendly fraud can be significant, especially for smaller businesses operating on thin margins.
Refund Fraud
Refund fraud is another insidious eCommerce fraud that takes advantage of a merchant’s return and refund policy. This fraud typically involves a customer ordering a product, receiving it, and then requesting a refund while retaining it. The customer essentially ends up with both the product and the money, leaving the merchant at a loss.
In some variations of refund fraud, fraudsters claim that the product was never delivered to their location, even when it has been, and demand a refund on those grounds. Other times, the fraudsters return a different item than what they received initially – it could be an older version, a damaged item, or an entirely different product – and then insist on a refund.
To tackle this issue, online sellers must enforce strict and clear return policies, keep detailed records of all transactions, and utilize fraud detection tools and software.
Additionally, customer education and strong relationships with payment processors and logistics partners can significantly aid fraud prevention efforts.
Affiliate Fraud
Affiliate fraud involves fraudulent activities intended to manipulate and exploit affiliate marketing programs. These programs operate based on online merchants paying a commission to external websites for traffic or sales generated from their referrals.
Fraudsters pretending to be legitimate affiliates employ various deceptive techniques to gain commissions unfairly. For instance, they might engage in click spamming, generating fake clicks that create the illusion of driving traffic to the merchant’s site. Another common technique is cookie stuffing, where the fraudster places a tracking cookie on a user’s computer without the user’s knowledge or consent, leading to the affiliate receives a commission for any purchases the user makes on the merchant’s site.
Interception Fraud
Interception fraud is a sophisticated form of eCommerce fraud. Here, a fraudster uses a stolen credit card to place an order. After placing the order, the fraudster typically contacts the merchant or delivery service and requests that the package be rerouted to a new address. This is often done under the guise of making mistakes when entering the shipping address or a sudden location change.
Since the change of address usually occurs after the purchase, it can be challenging for merchants to detect and prevent this type of fraud. Interception fraud can lead to significant losses for businesses, particularly those selling high-value items, erode customer trust in the merchant’s delivery process.
Recognizing the Signs of Fraud
Recognizing the signs of fraud is crucial to any eCommerce fraud prevention strategy. Let’s examine some common indications of potential fraudulent activities.
Unusual Purchasing Patterns
Unusual purchasing patterns are often the first red flag of potential fraud. For instance, if a customer who normally makes small, infrequent purchases suddenly starts placing large orders, it might be a sign of account takeover fraud. The fraudster could have accessed the customer’s account and is now making unauthorized purchases.
Similarly, multiple orders of the same item or a combination of high-value items that do not typically go together could indicate a fraudster trying to exploit a stolen credit card before it gets blocked. Machine learning algorithms in eCommerce fraud prevention software can be particularly useful in detecting and flagging unusual purchasing patterns.
Multiple Failed Transactions
Multiple failed transactions within a short period could suggest a case of card testing fraud. This is when fraudsters use stolen credit card information to make small transactions, testing the validity of the card details. If you notice a series of failed transactions followed by a successful one, the fraudster has likely managed to guess the correct combination of credit card details.
High-quality fraud detection and management systems can identify these patterns and prevent further transactions from the same card, thereby mitigating potential losses from this type of fraud.
Rush Orders
Rush or expedited shipping orders can be a telltale sign of eCommerce fraud, especially when coupled with other suspicious indicators. Fraudsters often use rush shipping for two reasons: firstly, to receive the goods before the fraudulent transaction is detected and reported, and secondly, to exploit the fact that merchants have less time to review transactions for fraud in rush orders.
Merchants should be particularly cautious with rush orders of high-value items and consider implementing additional verification steps for such transactions.
Suspicious Customer Information
Fraudsters often provide inconsistent or suspicious customer information when conducting fraudulent transactions. This could include mismatched shipping and billing addresses or billing addresses that do not match the location of the IP address from which the order was placed. Other suspicious signs could include phone numbers with the wrong area code for the given address, unusually long email addresses, or emails with a series of numbers.
Additionally, orders from locations with high fraud rates should be handled extra caution. eCommerce merchants should consider leveraging fraud prevention tools that provide Address Verification Services (AVS) and device fingerprinting for comprehensive fraud protection.
Recognizing these signs can go a long way in preventing eCommerce fraud, thereby safeguarding your online store’s financial health and reputation. Remember, the best practices can help protect your eCommerce business from the different types of fraud.
The Dangers of Online Payment Fraud
In eCommerce, conducting transactions online has provided unparalleled convenience for businesses and consumers. However, this convenience has a significant downside: the increased risk of online payment fraud.
Online payment fraud, including card testing and account takeover, seriously threatens eCommerce. The dangers of such fraudulent activities are multifold, resulting in significant losses for online retailers and consumers. In 2021, for example, the United States reported approximately $20 billion in losses due to online payment fraud alone.
1. Financial Losses
The most immediate danger of online payment fraud is the direct financial loss suffered by eCommerce businesses. When a fraudulent transaction occurs, the business often ships the product before realizing the payment was deceitful. This results in a loss of inventory, in addition to the chargeback costs, when the real cardholder disputes the transaction.
2. Damage to Brand Reputation
Online payment fraud can cause serious harm to a company’s reputation. Once a business becomes associated with fraudulent transactions, it could lose the trust of its existing customers and deter potential customers.
3. Increased Operational Costs
Fraudulent transactions often lead to chargebacks, where the money is returned to the defrauded customer. Aside from the direct financial loss, chargebacks also result in additional fees and can increase operational costs as businesses have to allocate resources to handle these disputes.
4. Identity Theft
For consumers, one of the biggest dangers of online payment fraud is the risk of identity theft. Once a fraudster gains access to personal data, they can use it to conduct fraudulent transactions or even steal the person’s identity, leading to long-term financial and personal consequences.
The rising trend of online payment fraud requires eCommerce businesses and online shoppers to exercise caution and adopt robust fraud prevention strategies. By understanding the types of eCommerce fraud, recognizing the signs, and using fraud prevention tools, businesses can effectively protect sensitive information, ensure a secure online shopping experience, and foster trust among customers.
In the fight against online payment fraud, knowledge and preparation are key. Adopting best practices for fraud detection and prevention can help mitigate the risk of fraud and contribute to a safer and more prosperous eCommerce landscape.
Also Read: Guidelines for Online Selling Ethics: Don’t get scammed!
Strategies to Prevent Friendly Fraud
Friendly fraud, sometimes called chargeback fraud, is a significant issue for eCommerce businesses. Friendly fraud can greatly damage a business’s bottom line despite its innocuous name. This type of fraud occurs when a legitimate customer disputes a charge with their bank or credit card provider rather than the merchant after purchasing online. However, there are effective strategies that businesses can implement to prevent or mitigate the impacts of friendly fraud:
Transparent Return and Refund Policy
One of the main triggers of friendly fraud is confusion around the return and refund policy. To mitigate this, businesses should make their return and refund policies transparent, concise, and easily accessible on their websites. This includes outlining the conditions under which returns are accepted, the time limits for making a return, and the process for requesting a refund. Providing customers a clear understanding of these policies can reduce the likelihood of disputes and chargebacks.
Exceptional Customer Service
Providing top-notch customer service is another effective strategy for preventing friendly fraud. This means promptly addressing customer inquiries, issues, or concerns to prevent them from escalating into chargebacks. Businesses should invest in well-trained customer service teams and provide multiple channels for communication, such as email, phone, and live chat. Quickly resolving customer complaints can build customer trust and discourage them from resorting to chargebacks.
Proactive Monitoring
Maintaining constant vigilance over transactions can help identify potential cases of friendly fraud before they develop into costly chargebacks. This could involve monitoring for patterns that often precede friendly fraud, such as a sudden surge in orders or unusually large purchases from a customer. By proactively identifying these red flags, businesses can take preventative action, such as contacting the customer for confirmation or blocking suspicious transactions.
eCommerce Fraud Prevention Software
Using eCommerce fraud prevention software can be an excellent tool in the fight against friendly fraud. These solutions utilize advanced algorithms and machine learning techniques to analyze transaction data for unusual patterns and flag potential cases of friendly fraud. Some software even includes features that can help merchants collect evidence for disputes and chargebacks, further bolstering their defenses against friendly fraud.
Implementing these strategies can significantly reduce the risk of friendly fraud, saving your business from unnecessary financial losses and fostering a more trustworthy eCommerce environment. By staying vigilant and proactive, businesses can ensure their protection against the wide range of eCommerce fraud types.
Leveraging Technology for eCommerce Fraud Prevention
Technological advancements have brought about innovative tools and methods that significantly enhance the fight against eCommerce fraud. By integrating these technologies into their security systems, online businesses can protect themselves and their customers from fraud. Here are some key strategies that businesses should consider:
Machine Learning and AI
Artificial Intelligence (AI) and Machine Learning (ML) have become crucial components in eCommerce fraud prevention. These technologies can identify patterns and unusual behaviors that could indicate fraudulent activities. They can analyze hundreds of data points in real time, scoring transactions based on their risk level. As a result, they can detect suspicious transactions, alerting businesses and allowing them to take preventive action immediately.
Two-Factor Authentication (2FA)
Two-Factor Authentication, or 2FA, is a security measure that requires customers to verify their identity using two separate components. This could be something they know (like a password), something they have (like a phone), or something they are (like a fingerprint). Adding an extra layer of security during the checkout process makes it much more difficult for fraudsters to gain unauthorized access and carry out fraudulent transactions.
Device Fingerprinting
Device fingerprinting is another technological tool used to combat eCommerce fraud. It involves collecting data about a user’s device, such as the operating system, IP address, and browser version. This information can be used to identify and block devices associated with fraudulent activities in the past, adding another layer of protection to the online shopping process.
Secure Payment Gateways
Secure payment gateways are a necessity in today’s online shopping environment. They encrypt sensitive information during the transaction process, ensuring customer data is transmitted securely. By implementing a secure payment gateway, businesses can protect their customers’ data and reduce the likelihood of fraud.
Address Verification Service (AVS)
Address Verification Service, or AVS, is a tool used by businesses to verify the billing address of a credit card against the address on file at the credit card company. This helps confirm the transaction’s legitimacy and can prevent certain types of fraud, such as those involving stolen credit card information.
These technologies can significantly strengthen a business’s defense against eCommerce fraud. By taking advantage of these tools, online businesses can provide a secure shopping environment for their customers while protecting their bottom line.
Best e-commerce Fraud Prevention Tools
Implementing robust eCommerce fraud prevention tools is indispensable to protect your store and provide a secure shopping experience. Here are some top-rated tools that offer high-quality fraud detection and prevention features:
1. Kount
Kount is a holistic eCommerce fraud detection platform renowned for using artificial intelligence (AI) and machine learning algorithms. This powerful combination aids in detecting and preventing various types of eCommerce fraud, including card testing fraud, account takeover fraud, and more. Kount offers features like risk scoring, device fingerprinting, and detailed reporting, which provide a comprehensive view of your business’s fraud risk. This helps you identify fraud patterns and potential attacks and take timely preventive actions.
2. ClearSale
ClearSale provides a complete eCommerce fraud protection solution, offering businesses a safety net against chargebacks while maximizing sales. It uses advanced statistical and AI technology and a large team of specialized fraud analysts. This combination aids in distinguishing between legitimate and fraudulent eCommerce transactions, thus preventing common types of fraud and ensuring secure online purchases.
3. Sift
Sift uses machine learning technology to provide real-time detection and prevention of fraudulent activities. It’s Digital Trust & Safety Suite lets businesses proactively detect fraud, streamline operations, and offer seamless customer experiences. This reduces the risk of fraud and contributes to building trust among your customers, a vital aspect of any successful eCommerce business.
4. Riskified
Riskified employs machine learning algorithms to differentiate between fraudulent and legitimate customer behavior. This allows eCommerce merchants to approve more orders while reducing fraud risk. Riskified provides real-time insights, enabling businesses to customize their fraud detection approach based on their unique risk tolerance, effectively combat fraud, and reduce fraud losses.
5. Signifyd
Signifyd is a fraud protection platform that uses big data, machine learning, and domain expertise to protect eCommerce businesses from various types of fraud. The platform offers a 100% financial guarantee against fraud on approved orders, which means that if an approved order turns out to be fraudulent, Signifyd covers the cost.
6. Forter
Forter offers a real-time, fully automated fraud prevention platform that helps retailers prevent identity-based fraud, reduce chargebacks, and enhance the customer experience. It uses machine learning algorithms to analyze and identify fraudulent activities across all channels and touchpoints.
7. FraudLabs Pro
FraudLabs Pro offers robust fraud prevention features, including IP geolocation tracking, device transaction validation, and blacklist monitoring. It allows for customized validation rules, making it adaptable to various eCommerce fraud detection needs. This flexibility lets merchants tailor fraud prevention measures according to their business model, reducing the risk of fraud.
8. Bolt
Bolt offers a fraud detection solution that uses machine learning to identify and stop fraud in real time. Bolt’s tool provides instant approvals for legitimate orders, allowing businesses to customize rules and settings to match their unique business needs and fraud risk levels.
While these tools can offer sophisticated fraud detection and prevention, it’s essential to remember that no single solution can eliminate 100% of eCommerce fraud. Therefore, staying updated with new fraud trends, leveraging a combination of manual reviews and automatic tools, and continuously refining your fraud prevention strategies are best practices that can help significantly reduce fraud in your eCommerce store.
Building a Comprehensive Fraud Prevention Plan in eCommerce
Fraud is an unfortunate reality in the eCommerce industry. In the face of diverse types of eCommerce fraud, such as account takeover, card testing, and triangulation fraud, online merchants must prioritize robust eCommerce fraud prevention strategies. The following steps detail how to build an effective fraud prevention plan, focusing on best practices to help reduce fraud and secure your eCommerce platform.
Identification of Potential Business Risks
Understanding your business’s specific fraud risk profile is crucial in combating fraud. eCommerce sales can expose merchants to a variety of fraudulent activities. For instance, friendly or chargeback fraud occurs when customers dispute legitimate transactions. Account takeover fraud happens when fraudsters gain unauthorized access to a customer’s account to make purchases. Identifying these potential risks and understanding how fraud occurs is crucial to protect your eCommerce business.
Another common type of eCommerce fraud is card testing fraud, where stolen credit card information is used to make small test purchases. Recognizing the signs of these fraud attempts can greatly enhance your ability to prevent eCommerce fraud. Merchants can better anticipate fraud patterns and implement effective fraud prevention solutions by understanding the different types of eCommerce fraud.
Choosing the Appropriate Fraud Prevention Tools
When considering fraud detection and prevention, high-quality fraud detection tools are invaluable. Machine learning algorithms, for example, can analyze transaction data to detect unusual patterns and flag potentially fraudulent transactions. Secure payment gateways encrypt sensitive credit card details during the transaction process, safeguarding against payment fraud.
Address Verification Services (AVS) and two-factor authentication (2FA) are excellent eCommerce fraud prevention tools. AVS checks the credit card’s billing address against the address on file at the credit card company, and 2FA provides an extra layer of security during the checkout process. Selecting and implementing the right tools is key to creating an effective fraud prevention plan.
Training Your Team for Fraud Awareness and Prevention
Fraud awareness and prevention should be a team effort. Training your team to detect eCommerce fraud signs is vital. They should understand common types of fraud, how fraud happens, and how to use tools like eCommerce fraud detection software to flag suspicious transactions. For instance, unusual purchasing patterns, such as a high volume of transactions within a short period, could indicate card testing fraud.
Implementing Stringent Business Policies
To prevent fraud, eCommerce merchants must implement strict business policies. Clear policies regarding data privacy, returns and refunds, and customer verification are crucial. For instance, a transparent refund policy can help prevent friendly fraud, a common chargeback issue in the eCommerce industry. Additionally, identity verification procedures can minimize the risk of account takeover fraud.
Regular Monitoring and Updating Fraud Prevention Strategies
Fraud prevention is not a one-and-done process. As new fraud tactics emerge and fraudsters become more sophisticated, ongoing monitoring and updating of your fraud prevention strategies are necessary. For example, regular reviews of transaction data can help identify emerging fraud trends, such as a rise in clean fraud, where transactions seem legitimate but are fraudulent.
eCommerce fraud prevention software that utilizes machine learning can adapt to these changing patterns, enhancing your ability to detect and prevent fraud. Regular updates to your business policies and fraud prevention tools will also ensure you stay ahead of evolving threats.
Fraud protection is integral to maintaining a prosperous eCommerce business. By identifying potential business risks, selecting appropriate fraud prevention tools, training your team, implementing stringent policies, and regularly monitoring and updating strategies, you can significantly reduce the risk of fraud and create a safer environment for your customers.
Conclusion
In an era where eCommerce is growing exponentially, so is the risk of fraud. However, armed with knowledge, the right tools, and a proactive approach, online sellers can safeguard their businesses and customers against these threats. By staying ahead of the game, online sellers can ensure their customers enjoy a safe and secure shopping experience while preserving the integrity and profitability of their business.
Frequently Asked Questions
What is eCommerce fraud?
eCommerce fraud refers to any fraudulent transaction in an online shopping environment. It can involve tactics like account takeover, friendly fraud, card testing, or triangulation fraud. As eCommerce grows, online sellers must stay vigilant to protect their businesses from these fraud risks.
How can eCommerce businesses prevent account takeover (ATO) fraud?
Preventing ATO fraud requires secure systems and proactive measures. Implementing two-factor authentication (2FA) can significantly reduce the risk, adding an extra layer of security to customer accounts. Other strategies include password protection policies and monitoring for suspicious account activity.
What is friendly fraud, and how can businesses combat it?
Friendly fraud occurs when a customer makes a purchase and then requests a chargeback from their bank, often claiming they didn’t receive the item or recognize the transaction. Businesses can prevent friendly fraud by offering exceptional customer service, implementing a clear return and refund policy, and using eCommerce fraud prevention software to detect suspicious patterns.
What role does technology play in preventing eCommerce fraud?
Technology plays a crucial role in eCommerce fraud prevention. Machine learning and AI can detect unusual patterns that may indicate fraud while secure payment gateways protect sensitive customer data during transactions. Device fingerprinting and Address Verification Services (AVS) can also help identify and block fraudulent transactions.
What is a fraud prevention plan, and why is it important?
A fraud prevention plan is a strategy businesses implement to identify, prevent, and respond to eCommerce fraud. It often includes identifying potential risks, choosing the right prevention tools, training the team, implementing stringent policies, and regular monitoring. A robust fraud prevention plan is crucial in safeguarding your business from financial losses and maintaining customer trust.
How can businesses choose the right eCommerce fraud prevention tools?
When choosing eCommerce fraud prevention tools, businesses should consider their specific needs, the scale of their operations, and the tool’s ability to adapt to evolving fraud trends. Reliable tools should provide features like real-time analysis, machine learning capabilities, and integration with the existing system.
What is triangulation fraud in eCommerce?
Triangulation fraud is a complex form of eCommerce fraud where the fraudster sets up a fake online storefront selling products at discounted rates. When customers place orders, the fraudster uses stolen credit card details to purchase the items from a legitimate retailer and then sends them to the customer. Businesses must stay updated with the latest eCommerce fraud detection techniques to protect themselves from such advanced threats.
What is card testing, and how does it affect eCommerce businesses?
Card testing or carding is a type of eCommerce fraud where stolen credit card numbers are used to make small test purchases. The fraudsters make larger, illegitimate purchases once the card’s validity is confirmed. This type of fraud can lead to substantial financial loss for businesses and damage their reputation.
How can eCommerce businesses use machine learning and AI for fraud prevention?
Machine learning and AI technologies can be instrumental in eCommerce fraud prevention. They can automatically analyze hundreds of data points in real time and identify patterns or unusual behavior that may indicate fraud. Over time, these systems can “learn” to better detect potential fraud, enhancing their accuracy and efficiency.
What is two-factor authentication (2FA), and why is it essential for eCommerce?
Two-factor authentication (2FA) is a security process where users provide two authentication factors to verify themselves. In eCommerce, 2FA provides an extra layer of security during checkout, making it harder for unauthorized users to make purchases, thus helping prevent account takeover and other types of fraud.
What are the benefits of using secure payment gateways in eCommerce?
Secure payment gateways are crucial for eCommerce businesses. They encrypt sensitive information during the transaction process, ensuring that customer data remains secure. By using secure payment gateways, businesses can significantly reduce the likelihood of fraud and increase their customers’ trust in their platform.
