Why Online Fraud Occurs See Top 5 Reasons to Hire an E-commerce Fraud Prevention Company

1. Why Online Fraud Occurs See Top 5 Reasons to Hire an E-commerce Fraud Prevention Company

2. Are you an ecommerce business owner or considering becoming one? Well, we have some bad news for you; it doesn’t matter whether you fall in the former or the latter category. Now you might be thinking, what are we going to reveal, right? So, without further ado, we must tell you that ecommerce fraud is on the rise, so you must be wary of it when processing your customers’ orders. “But,why?” you might ask. Well, there could be instances when some of your potential consumers visit your site, make a fraudulent transaction, and then get delivered the desired product or item at their doorstep. And once it gets done, the original buyer, using whose banking information the hacker processed the payment, may file a chargeback request with their bank. The next moment, the bank will reach out to you to refund the product amount as the customer is claiming that they didn’t place the order Pest control in bhandup. This way, your hard-acquired money will leave your bank account and will be credited to your buyer’s account, resulting in a massive financial loss. And remember, the situation could be worse if scores of consumers start repeating this act. So, the question arises, how to deal with this problem “easily” being an accountable ecommerce business owner? Well, it will help if you hire a leading Ecommerce Fraud Prevention Company in the USA that has years of experience dealing with online hackers and crackers. With that complete, it’s time to dig deeper into the details of Ecommerce Fraud Prevention Company. So, let’s begin with: What is E-commerce Fraud? “Well,” Ecommerce Fraud is a “false or illegal” transaction that occurs online on an ecommerce site by a fraudster or malicious actor using the stolen banking information of the original owner. It is the main reason when such fraudulent transactions occur online; the authentic ecommerce account owner remains uninformed about it. But the moment they get notified about the occurrence of an incorrect transaction through their message, email, or credit card statement, they immediately rush to the bank to get a chargeback. This type of scam is also known as “purchase fraud.”

3. What are some “common” methods of E-commerce Fraud? Online criminals could perform ecommerce scams in various ways, like using: 1. A false identity 2. Fake plastic cards 3. Stolen credit card 4. False personal information 5. Incorrect card information Why does online fraud take place? It’s no wonder that the increased online frauds result “bigtime” from the growth in the ecommerce industry. Now you may ask, “how?”“Well,” if you look closely, you will find that online shoppers nowadays prefer to make payment for their product purchase using credit or debit cards more than the “Cash on Delivery” method. It is the primary reason the high number of online payments also boosts fraudulent transactions Pest control in bhayandar. In fact, according to a report of late, the number of ecommerce scams has grown drastically over the past few years, translating into twice the rate of online sales. Not just that; even the “rate of the chargeback” is upsurging nearly 20% every year. If you glance at some recent statistics, you will find the number of ecommerce frauds registered with NCH (National Consumer Helpline) has scaled up to approximately six times from 977 cases in the Fiscal Year 2017 to 5,620 “cases” in the Fiscal Year 2020 (till November 2019). Hence, the total number of online shopping frauds reached 13,993 since FY17.

4. Therefore, it is needless to say why you must have a seasoned Ecommerce Fraud Prevention Company at your disposal when dealing with cloud-based scams. And some common reasons why ecommerce frauds are taking place in such a “huge” number are: 1. The remote working system may contribute a lot to increasing the sales and distribution fraud 2. The third-party vendors, resales, and the conflict in the agreement could be just another reason for fraudulent activities 3. Sometimes, entrepreneurs involve counterfeit or damaged products in the distribution system to fulfil the increased demand for a specific item 4. You could not also overlook the reasons like onboarding unethical employees without running a thorough background check for online scams 5. Tampering with inventory management 6. Cyber fraud Now that you know some “standard” reasons for the occurrence of fraudulent transactions on shopping sites, it’s time to peep into: Five Best reasons to tie up with an Ecommerce Fraud Prevention Company You must team up with an Ecommerce Fraud Prevention Agency if you want to prevent various malicious attacks on your site, such as: 1. Clean fraud 2. Chargeback fraud 3. Triangulation fraud 4. Identity theft 5. Phishing

5. In a nutshell! We hope you learned scores of things through this primer, be it the definition of ecommerce fraud, its methods, or reasons. So, if you liked this piece of content and want to opt for superb online fraud prevention services now, please talk to the optimal Ecommerce Fraud Prevention Firm in the USA.

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