eCommerce Payment Fraud Protection

Written by Deirdre Keon on 27th April 2017

As Irish retailers continue to capitalize on growing international demand, eCommerce payment fraud is constantly increasing as more consumers turn to the convenience of online shopping. Online fraud is a consistent problem facing Irish retailers and is proving very expensive. FCDM can help businesses to reduce the damage significantly, by ensuring that every step is taken on behalf of our clients, to tighten security and prevent malicious activity by offering a full circle security solution focused on eCommerce payment fraud protection.

At FCDM, we understand the importance of knowing which types of fraud that our clients are most likely to encounter and how to protect against them. Most online retailers will be familiar with Friendly Fraud (charge-back fraud) in which a customer makes a purchase and they deliberately initiate a charge-back, claiming that their credit card or account details were stolen. They are reimbursed and they keep the goods or services.

Generally, the most popular eCommerce attack methods are:

  • Clean Fraud, whereby a stolen card is used to make an online purchase and the transaction is then manipulated in a way that fraud detection functions are decreased.
  • Account Takeover occurs when an attacker finds a way to control someone else’s credit card, bank account or customer account information and use it to make purchases.
  • Identity Fraud is whereby someone wrongfully obtains and utilises personal information to conduct to conduct a wide range of crimes.

Our Approach to eCommerce Payment Fraud Protection

At FCDM, our expert eCommerce developers ensure that cyber security and prevention is at the forefront of each eCommerce solution that we deliver. At the outset, our expert developers assist our clients in selecting the right eCommerce platform. It is vital that your eCommerce site is developed on a platform that uses a sophisticated object-orientated programming language like Magento or WordPress.

The next step is to achieve and maintain PCI Compliance. PCI compliance involves security precautions like changing default passwords on all network equipment and establishing a firewall between Internet connections and any system that stores credit card details. We recommend a partnership with PayPal or Stripe that handles many security requirements for you by using SSL (https instead of http). Using an address and card verification system like Verified by Visa or MasterCard Secure Code should also be considered.

Following these vital steps, we will always recommend taking further action to ensure that all personal and financial information is kept safe and remain secure. Some of these steps include utilising tracking numbers for all orders and to set a requirement for strong passwords for customer logins.

Once the core provisions have been put in place, our experienced team continue to enforce and maintain preventative measures including monitoring system alerts for suspicious activity, ensuring that regular site maintenance is carried out and updates are completed.

Choosing an experienced partner like FCDM guarantees protection from digital theft, prevents charge backs and will improve your businesses bottom line. At FCDM, we understand that the online retail landscape is constantly evolving, thus demanding a constant proactive and adaptive approach and provide valuable expertise to our clients. Contact a member of our team today to discuss how FCDM can help you and your business with eCommerce Payment Fraud Protection on +353 1 5253188.