Ecommerce merchants love the holidays. So do fraudsters. Chargeback cheats and organized criminals know you’re busy driving sales, fulfilling orders, and keeping customers happy. They hope you are not as vigilant in manually reviewing their orders.
To help reduce fraudulent purchases and chargebacks, it may be worth using a fraud prevention service.
What Is a Fraud Prevention Service?
A fraud prevention service is a company dedicated to identifying fraudulent card-not-present transactions — i.e., ecommerce transactions — that will result in chargebacks and lost revenue. It helps catch organized account takeover attacks, purchases made from stolen credit cards, and the so-called “friendly fraud” chargeback cheaters, who purchase products using their own, legitimate credit card numbers but then fraudulently file a chargeback with the credit card company after receiving the goods.
Courtesy: Bob Angus Contributing Editor, Practical Ecommerce