Fraud Management

eCommerce

E-commerce fraud management refers to the strategies, techniques, and systems put in place by online businesses to detect, prevent, and mitigate fraudulent activities occurring on their platforms.

Here are some key aspects of e-commerce fraud management:

Fraud Detection Tools: Implementing fraud detection tools and software that use advanced algorithms, machine learning, and artificial intelligence to analyze transaction patterns and identify potentially fraudulent activities in real-time.
Transaction Monitoring: Constantly monitoring transactions for suspicious behavior, such as unusually large orders, multiple transactions from the same IP address, or high-frequency purchases.
Identity Verification: Implementing robust identity verification processes, such as two-factor authentication, address verification, and identity document checks, to ensure that the person making the transaction is who they claim to be.
Address Verification System (AVS): Utilizing AVS to verify the billing address provided by the customer matches the address on file with the card issuer, reducing the risk of fraudulent transactions.
Payment Fraud Prevention: Employing measures like CVV verification, device fingerprinting, and IP geolocation to prevent payment fraud, including stolen credit card information and unauthorized transactions.
Fraud Scoring and Risk Assessment: Assigning risk scores to transactions based on various parameters like transaction history, device information, and behavioral patterns, enabling merchants to prioritize and investigate high-risk transactions.
Chargeback Management: Implementing procedures to handle chargebacks efficiently, including investigating disputed transactions and providing evidence to support the merchant’s case.
Employee Training: Educating employees about common fraud schemes and best practices for fraud prevention, including recognizing warning signs and following proper procedures for handling suspicious transactions.
Regulatory Compliance: Ensuring compliance with relevant regulations such as PCI DSS (Payment Card Industry Data Security Standard) to protect sensitive customer information and minimize the risk of data breaches.
Collaboration and Information Sharing: Participating in industry networks and sharing information with other merchants and organizations to stay updated on emerging fraud trends and prevention techniques.
Continuous Improvement: Regularly reviewing and updating fraud prevention strategies based on new threats, technological advancements, and lessons learned from past incidents.

Fraud Management

Top Fraud Management products, platforms and solutions.

Ordered alphabetically by name.

forter

The trust platform for digital commerce. Accurate, real-time decisions about every digital interaction, powered by the largest network of online retailers.

Website: forter