Riskified

  • Six Best Features Of The Top Ecommerce Fraud Prevention Software That You Should Be Aware Of

    Hello friends how are you all? Today we are going to talk about the Six Best Features Of The Top Ecommerce Fraud Prevention Software That You Should Be Aware Of. If you love to stay abreast of the latest happenings around the world, you would have noticed how the cases of fraud have increased in the past few years, right? And if you go through the news carefully, you will come to know that most of the frauds have been done online. This is an alarming situation that you need to take notice of being a responsible entrepreneur.

    Six Best Features Of The Top Ecommerce Fraud Prevention Software That You Should Be Aware Of

    You don’t want your customers to come to your e-commerce website, buy a product or service, and then file a chargeback claim. This results in a huge loss that you obviously don’t want to compensate for from your pocket, right? So, what can you do to prevent fraudulent transactions on your e-commerce website?

    Simply deploy a top eCommerce fraud prevention software to your payment systems. This will work wonders in accepting and rejecting high-risk transactions based on the data sources and consumer behavior.

    Now let’s see what fraud prevention software is and how it works.

    What Is Fraud Prevention Software?

    The Fraud Prevention Software is a robust system that e-commerce firms use to analyse risk factors and identify high-risk transactions to prevent the occurring of fraudulent transactions, ok? This software has an algorithm-based evaluation system to figure out the risk involved in each and every transaction. Particularly, e-commerce companies are vulnerable to fraudulent transactions as most customers use apps, websites, and mobile devices to order products. This is the main reason why you need to use top eCommerce fraud prevention software to prevent losses from malicious transactions.

    What Are The Major Features Of The Fraud Prevention Software?

    1 – Real-Time Learning

    Probably the best feature of the top eCommerce fraud prevention software is that it keeps improving its functioning by learning in real-time from the transactions done on your site. That’s not all, it also improves its working through the inputs that you give it.

    2 – Custom Machine Learning

    Often it has been found that the best tips to detect fraudulent transactions in a particular business is a completely unique method. That’s where fraud prevention software shows its ability of machine learning technology to adjust automatically according to the specific payment system of your company. It sends your custom data to the vendor so that they have the required information to analyze and detect fraud signals precisely.

    3 – Automated Decision Making

    The next feature that I’m going to tell you about fraud prevention software might come to you as a shock. Why? Because it is capable of automating your actions as well as business decisions based on the feedback it gets from the real-time machine learning system. The decision could be as simple as transaction accepting or blocking or a specific issue associated with your particular company. All these tasks can be automated using a simple software called fraud prevention software.

    4 – Easy Setup And Integration

    Another good news about fraud prevention software is that it is easy to integrate it with other systems like a custom admin application or an order management software.

    5 – Better Control 

    With this software, you also get the chance to improve your automated fraud detection workflows. That means it will prevent your fraudulent transactions even before they occur and enhance your overall efficiency.

    6 – Email Analysis 

    Last but not the least, it finds disposable domains with its unique fraud detection capabilities and uses n-gram analysis to determine trending tactics amidst fraudster groups.

    Coming across all this information, you would have understood how excellent the fraud prevention software is when it comes to reducing the losses from malicious transactions, right? Take note that all the features discussed above are common in most fraud prevention software. But if you wish to clarify what you will get in the fraud prevention software you are considering buying, simply have a conversation with your software provider. They will let you know whether they offer discussed features in their software, or have fewer features than that or include more features than you would expect, ok?

    Concluding Statement

    So far, I hope you have got enough insights into how fraud prevention software can reduce your unnecessary losses occurring from malicious transactions, right? Then, don’t delay anymore, pick your phone and give a ring to a thriving fraud prevention company and ask them to help you overcome fraud transaction challenges.

    They have deployment-ready fraud prevention software that will quickly integrate into your core order management system. Once it’s done, there is no looking back, and you could drastically increase your profitability.

    All you need to do before buying fraud prevention software is to compare the prices with other vendors and confirm the installation and subscription charges for the one you are buying.

  • 6 Things To Considered When Choosing Fraud Detection Software

    6 Things To Considered When Choosing Best Fraud Detection Software

    A host of new and evolving cybersecurity threats has invaded the eCommerce industry. Modern-day cyber attacks use intelligent tools that have placed the organization’s data and assets at constant risk. As the threat horizon is expanding, companies need to integrate advanced security practices to protect sensitive and confidential data.

    E-commerce security threats are causing havoc in online businesses. Cybercriminals target e-commerce store admins, users, and employees using different malicious techniques. Financial frauds, phishing, spamming, DOS & DDoS (Distributed Denial of Service) attacks, malware, and e-Skimming are common online fraud attempts in the eCommerce industry that can defraud digital businesses.

    6 Things To Considered When Choosing Fraud Detection Software

    eCommerce frauds increased by 45% in 2017. Research studies reveal that the rate of credit card chargebacks is rising by 20% each year. The other common types of e-commerce fraud are identity theft (71%), phishing (66%), and account theft (63%). As the sophistication of fraud attempts is growing significantly, it has become crucial for organizations to incorporate fraud detection software into eCommerce platforms to prevent fraudulent activities. The best eCommerce fraud prevention software has intelligent machine capabilities to detect illegitimate and high-risk transactions and counter risk in real-time.

    Integrating fraud prevention software into e-businesses helps enterprises prevent cybercriminals from accessing any confidential data to make unauthorized purchases or manipulate customers. It comprehensively protects the customer’s information. The software monitors user activity to provide end-to-end fraud management. How do you choose the best Fraud Detection Software for your business? Here are six essential factors you should consider before making a purchase.

    Real-Time Transaction Screening And Review Automation

    Ensure that you choose Fraud detection software that incorporates AI and ML-based features. Such business intelligence systems use predictive analytics tools to process data regularly and learn about data patterns. Analysis of large sets enables the software to detect anomalies in real-time. Select a fraud detection software that can screen transactions and customers at regular intervals. An AI-based software enhances the process of securing IP addresses, maintaining data ownership, and protecting data insights.

    Besides predictive analytics, automation is a critical intelligence tool. Automation of screening and review processes enables organizations to mitigate risks in e-businesses. Automation reduces manual effort, and the machine can detect, investigate and remediate cyberthreats with or without human intervention. It can identify incoming threats and prioritize alerts in real-time.

    Customer Support

    Customer service tools are essential to fraud detection software. Choose software that can improve your customer retention capacity by integrating support tools for your customers. It can incorporate virtual assistants, chatbots, and other support services to provide 24/7 assistance to customers to support your customers. Reduced response time helps to improve customer loyalty.

    Compliance With Security Standards

    Your supplier should provide you with software that is compliant with your organization’s requirements for data security. The software should follow data compliance regulations to ensure the safety of sensitive digital assets it accesses, including personally identifiable information and financial details, and guard it against loss, theft, and misuse.

    Businesses that accept card payments need to make sure that the software solution meets the PCI Standard. Ask your vendor to supply the necessary documentation, which indicates the product’s compliance support.

    Real-Time Operations Tracking And Reporting

    Check if your fraud detection software integrates a dashboard for managing and organizing customer’s data. It can act as a centralized platform that enterprises and customers can access to monitor activities, such as order status, payment details, and location.

    Integration And Deployment

    What is the average deployment time required by the software? Choose fraud detection software that can be deployed quickly. Some websites have discussion sections in which the users input their feedbacks about the software. Check the reviews to learn more about the software’s pros and cons, deployment pitfalls, and common issues. Ask your supplier about the integration process to ensure that the software is compatible with your eCommerce platform.

    Approval Rates And False-Positive Handling

    Ask your provider to elaborate on how the software solution will validate the transactions. You need to understand how the software handles cases of legitimate false declines from customers. False declines occur when transactions are incorrectly rejected. Choose fraud detection software that scans each transaction in a broad context to reduce false positives.

    False positives can sharply decrease the revenue in the e-commerce business. It can significantly decrease customer value and increase reputational damage. Robust fraud detection helps to minimize false declines. Fraud detection software should increase the likelihood of rejecting legitimate transactions and increase the ability to block fraudulent ones.

    To Conclude:

    To choose the best Fraud Detection Software, ensure that the solution integrates the features mentioned above. It should be compliant with data privacy standards and security policies, incorporate customer service tools, and use intelligent tools to detect potential risks in real-time.

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