Fraud Management

eCommerce
E-commerce fraud management refers to the strategies, techniques, and systems put in place by online businesses to detect, prevent, and mitigate fraudulent activities occurring on their platforms.
Advantages:
Prevent chargebacks | Increase authorization rates | Prevent revenue loss

Top Fraud Management products, platforms, SaaS and solutions.

Ordered alphabetically by name.

forter

The trust platform for digital commerce. Accurate, real-time decisions about every digital interaction, powered by the largest network of online retailers.
forter website

Ravelin

A fraud prevention company optimizing transactions and customer journeys with innovative solutions that combine machine learning and human insight.
Ravelin website

Here are some key aspects of e-commerce fraud management:

  • Fraud Detection Tools: Implementing fraud detection tools and software that use advanced algorithms, machine learning, and artificial intelligence to analyze transaction patterns and identify potentially fraudulent activities in real-time.

  • Transaction Monitoring: Constantly monitoring transactions for suspicious behavior, such as unusually large orders, multiple transactions from the same IP address, or high-frequency purchases.

  • Identity Verification: Implementing robust identity verification processes, such as two-factor authentication, address verification, and identity document checks, to ensure that the person making the transaction is who they claim to be.

  • Address Verification System (AVS): Utilizing AVS to verify the billing address provided by the customer matches the address on file with the card issuer, reducing the risk of fraudulent transactions.

  • Payment Fraud Prevention: Employing measures like CVV verification, device fingerprinting, and IP geolocation to prevent payment fraud, including stolen credit card information and unauthorized transactions.

  • Fraud Scoring and Risk Assessment: Assigning risk scores to transactions based on various parameters like transaction history, device information, and behavioral patterns, enabling merchants to prioritize and investigate high-risk transactions.

  • Chargeback Management: Implementing procedures to handle chargebacks efficiently, including investigating disputed transactions and providing evidence to support the merchant’s case.

  • Employee Training: Educating employees about common fraud schemes and best practices for fraud prevention, including recognizing warning signs and following proper procedures for handling suspicious transactions.

  • Regulatory Compliance: Ensuring compliance with relevant regulations such as PCI DSS (Payment Card Industry Data Security Standard) to protect sensitive customer information and minimize the risk of data breaches.

  • Collaboration and Information Sharing: Participating in industry networks and sharing information with other merchants and organizations to stay updated on emerging fraud trends and prevention techniques.

  • Continuous Improvement: Regularly reviewing and updating fraud prevention strategies based on new threats, technological advancements, and lessons learned from past incidents.