E-commerce Fraud Prevention with Magento

Prevention with Magento

Over the past several years, eCommerce is experiencing a constant growth and people are spending fearlessly over the online payment gateways while using their debit/credit cards. This way they are exposing their assets to fraudsters.

As we all know every bliss comes with an obstacle so does this increasing trend of eCommerce business. It has drawn the attention of criminals and is being constantly affected by online frauds. Such kind of online frauds are affecting both the merchants and consumers. Every online fraud results in rising costs to merchants as well as the consumer.

If we take some facts into consideration,

There was a growth of 16% in eCommerce trend in the year 2017 as compared to 2016 and as per Javelin Strategy & Research Study, by 2020 online payment volume is going to reach as much as $646 billion dollars in total. This study also explored the fact that fraud costs the merchants more than 7.5 percent of their annual profits.

Furthermore, some experts say ‘more than 68% of online consumers are now afraid of online purchases due to this rising risk of frauds’.

It is a high time for any eCommerce website to buckle up and make every possible strategy to protect itself along with its valuable consumers. And, If you are a Magento eStore owner you don’t need to worry as every expert Magento developers knows every ins & out of this robust eCommerce platform and would definitely assist you in building a flexible, scalable, and of course a secure online store.

How Magento fights back with online Fraud?

Magento always aims to provide the online merchants with a better way to set up and expand their eCommerce stores. This eCommerce platform is being widely used by a number of online retailers to build online sales channels. Fortunately, every Magento customer is able to handle the online frauds in a better means as it offers an easy to integrate fraud protection system in the eCommerce platform; it offers a quick solution to fix the occurring security risks.

Let’s have a look at some of its Fraud Prevention features which can refer to your online store as well:

• Geolocation Tracking:

In an online purchase, determining customers location can be of great use to avoid online frauds as the fraudsters would never like to share their details in any way. By activating a Geolocation tracking, you can easily trace the location from where the customer is placing an order and it can be of a great use once paired with shipping addresses or AVS results.

• Social Media Access:

Allowing customers to log in via a social media platform gives a great feel of familiarity and further, puts you at an ease to determine the genuineness of them. It helps you to cross check any order info with genuine people via social media i.e. Facebook, Linked In, and Twitter etc.

• Proxy Detection:

This feature is quite useful to unmask the online fraudsters. Although Geolocation tracking is a great tool to protect your eCommerce business still some of the criminals are becoming better and are able to bypass this. Thus, you can put the proxy detection process in place to detect any anonymous IP addresses. In such process, every user’s IP address will be scanned and compared to the list of flagged IPs. If no match will be found, the system will automatically reject its access.

These three are the basic practices which you can follow to secure your Magento eCommerce store. Apart from these, a number of Magento extensions are available in the market for free of cost to allow a secure online trade. You can easily implement any of those as per your convenience. You can visit Magento store and have a glimpse of those as well.

Moreover, if you are still using an older version of Magento you can shift your eCommerce business to Magento 2 as it offers one of the best ways to keep any kind of eCommerce frauds away from your Magento website. A custom Magento development always comes with more security patches and store’s enhancements to have seamless eCommerce activities in terms of customers as well as store owners.

BOTTOMLINE

A number of times the online merchants follow complex web solutions to make their eStore more secure and it turns the customers off from your website with a little scope of inviting them back. While operating your business with Magento, you do not need to sacrifice your profitability or wear down the customer experience just for the sake of store’s security.