We know that your customer’s store experience is everything. It makes all the difference between basket drop off and successfully securing a sale. You strive to provide a frictionless checkout experience and mitigate any barriers which would prevent your visitors from converting to customers.
So what exactly is a frictionless checkout experience and how can you achieve this ideal whilst integrating resilient defence systems that defeat fraudsters without adding friction to the process?
How to Combat Chargebacks and Account Takeovers
Fraudulent orders eat into your bottom line and consequently threats such as #chargebacks become a liability to your business success. For every $1 stolen by fraudsters, reports suggest that merchants spend around $3.36 on chargebacks, losses and fees. As banks and #payment providers rule in the customer’s favour, #merchants are required to bear the cost of chargebacks.
Another technique used to scam online businesses is Account Takeovers or ATOs and this type of fraud swelled 282% in 2020 (@Tech Republic), hand in hand with the rise in #ecommerce shopping.
#ATO fraud occurs when a malicious user accesses private information that allows them to log into a real customer’s account. Bad actors can then make fake orders through rerouting the delivery to themselves, using a real customer’s payment details. Inevitably, the account owner realises unauthorised purchases were made and requests a chargeback refund. By this point, you’ll have shipped the order to the fake user, who is greedily awaiting the goods.
These attacks are fueled by automation designed to overwhelm your store. But fear not, as there are several tools you can use as a key part of your #security and trust strategy.
We know you want to prevent checkout friction and create a seamless online experience to satisfy your consumers. At the same time, you want to create a multiplier effect of #customer loyalty and engagement with your store. And, all the whilst creating a word of mouth ripple to facilitate growth.
All of this can be achieved, hand in hand by stopping fraudulent users in their tracks and blocking their every move. Don’t want an order to be fulfilled due to high risk? Then we won’t let it.
Before You Fulfill The Order: Your Key Checks
Cross reference the billing and shipping information. Do they match? Have a dive into the customer’s previous orders. Have they ever sent their order to this address? If not, could they be ordering for a friend?
Examine the IP address used. How do you know if it is suspicious? For instance, malicious IPs which have been flagged as fraudulent appear on our network. By integrating a fraud protection solution, you can use these additional tools to guide your decision making on whether the order is real.
Here at Cybertonica, we want to help you automate your threat detection to reduce chargeback rates & minimise fraud losses. You can do all that with one simple solution. Monitor #cyber and order risk in real-time, and get full visibility of compromised devices and rogue actors with eComm360 Fraud Prevention.
Additionally, our solution integrates seamlessly with Shopify stores to provide an additional level of security. We’re giving you our merchants peace of mind round the clock, at an accessible entry level price point.
Reduce Chargebacks & Combat Cyber Attack Risks
Fraudsters leap at any opportunity to exploit online stores so don’t give them a reason to target yours. Any investment that converts to chargeback reduction leaving you with more money in your pocket is a good investment that pays for itself.
ATO fraud and chargeback disputes are costing merchants an all-time high. However, we believe there’s no reason you can’t improve your business’ efficiency while providing your customer’s with a seamless shopping experience.
Try our eComm360 high-performance system for free and detect threats with laser-like accuracy to stop fraudsters in their tracks.