Fraud cost merchants more than $102 billion in 2011. It was the third year in a row with more than 300,000 online fraud complaints filed — a 3.4-percent increase. The adjusted dollar loss of internet fraud complaints last year was $485.3 million.
The fact is, online merchants everywhere are at risk of fraud. But falling victim to fraud doesn’t have to happen to your store because 3dcart merchants now have the ability to evaluate orders as they come in and curb fraud before it happens, potentially saving your store lost revenue.
Introducing FraudWatch, an easy way to:
- Identify potential fraud before you process orders
- Minimize risk and loss by assessing the threat level of transactions
- Display positive or negative fraud history based on reported information
- Report suspicious transactions to warn other vendors
How do we do it? Well, FraudWatch scores purchases based on 12 indicators, including reviews based on experiences within the 3dcart community.
Additionally, FraudWatch categorizes and scores risk to gain a better view of your purchases and keep your store safe.
Data points associated with each purchase like the IP address, mailing address, bank identification, etc., are measured in real-time based on past usage, and using an algorithm that weighs this data, FraudWatch calculates a risk score.
Scores that pass muster on the FraudWatch chart are identified as “green” transactions and are considered safe. “Yellow” scores show that some data points are potentially fraudulent but the transaction may otherwise be safe.
A “red” classification represents a high-risk purchase and suggests careful consideration before fulfilling the order.
Scores then are posted in your 3dcart order management dashboard next to each specific order. Opening a score also shows you if a store manager within the 3dcart community has flagged the customer.
3dcart customers get 10 free scores per month through FraudWatch but you can use your store manager to upgrade your FraudWatch account to a premium service level for additional fraud checks per month.
Sign up today to get up to 10 free fraud checks per month. Just log in to your 3dcart Store Manager now to get started.