Fight Ecommerce Fraud With An Army Of Security Features
In North America, online fraud accounts for 1 percent of ecommerce transactions. That may not seem like a whole lot, but when you consider the costs to the merchant every time a fraudulent transaction happens, it adds up.
That cost includes:
- The cost of the purchase (to the owner of the stolen credentials)
- The lost product
- A penalty from the bank
- Major fees from credit card companies
Fraud is a common and devastating problem for online merchants across the globe. And the onus is on you to stop it before it starts.
Fortunately, 3dcart makes it easier than ever before to stay proactive in the fight against fraud. We’ve spent the last several months bolstering your options for fraud protection. Check out four features that can help protect your store against fraud before it occurs.
Monitor possible fraud proactively with FraudWatch.
Released earlier this year, FraudWatch is an add-on for 3dcart that takes into account a variety of fraud-related factors whenever a shopper makes a purchase.
The add-on scores purchases based on 12 indicators, including data points like IP address, mailing address, and bank identification. Each of these points of data feed into an algorithm that calculates the risk level in every transaction that feeds through your system. The feature spits out a risk score between 1 and 10, along with one of three color-coded warnings based on the risk level.
FraudWatch also includes a unique feature that makes fraud protection even more powerful…
Learn from other 3dcart customers with Community Alert.
A piece of the FraudWatch puzzle, the Community Alert feature is an add-on powered by 3dcart’s network of 16,000+ merchants. Merchants who are already onboard band together to offer feedback on potentially harmful purchases.
The first service of its kind, Community Alert empowers 3dcart merchants with a database of reported fraudulent orders. Based on those reports, the feature generates a Community Score that demonstrates the risk involved in the purchase. Coupled with the FraudWatch score, merchants can make better decisions on processing orders on the fly.
Alerts are a great start, but there’s another bastion of defense against fraud that includes extra benefits…
Avoid shipping errors with Address Verification.
We wanted to include the Address Verification add-on here because it’s another way to make sure an order is legitimate. But Address Verification is so much more than that.
In fact, it’s a proactive tool that stops shoppers from making costly mistakes, like a typo, missing suite number or bad zip code. You’ve experienced these mistakes before, and you eat the cost, unfortunately. With Address Verification, you can stop those mistakes from happening.
The feature scans the UPS database for known addresses that match and makes related suggestions if the address isn’t already known. Shoppers are prompted to confirm either the original address or the suggested one.
Thus far, we’ve discussed 3dcart add-ons. One final step in completing your army of security features takes us outside of the shopping cart…
Get third-party fraud protection with Kount.
Just recently, we announced a new third-party integration with Kount, a company dedicated to fraud protection. They offer merchants their own algorithmic approach to calculating fraud risk.
Think of our new partnership with Kount as more than just a way to reduce cost. It’s also great security detail if you want to expand into new, riskier international markets, extending the reach of your store and the volume of your sales.
Check out our recent press release for more details on our partnership with Kount.
What fraud protection features would you like to see us add?
Hearing about new security features making their way to the web? Share them with us in the comments or visit the ecommerce feature suggestion page of the 3dcart forums.