The Definitive Guide To eCommerce Fraud & Fraud Protection Strategies

There are presently roughly 206,000 assaults every month on online businesses’ shops. As online shopping becomes more popular, so does the potential for eCommerce fraud by hackers and unethical customers. Ecommerce fraud is on the rise, and this thorough guide will teach you all you need to know about protecting your online business from it. It explains what it is, how it works, and what you should be doing to combat it right now.

Are you concerned about the security of your online business? The following information is important for you to understand.

⦁ detecting online scam

⦁ tools for preventing eCommerce fraud 

⦁ strategies for preventing eCommerce fraud 

What is Ecommerce Fraud?

There are business transactions made over the Internet, often via an online shop, when we speak about eCommerce. Desktop computers, laptops, tablets, and cell phones are often used for these kinds of transactions. The term eCommerce fraud refers to illegal deceit done over the internet to obtain money or anything of value.

The deceit is carried out during an online commercial transaction for financial or personal benefit while adversely impacting a business’ bottom line. 

There are two points to keep in mind concerning eCommerce fraud: the deceit is meant to go undetected, and the target is an online retailer.

Ecommerce fraud detection

All the tools and practices an online business may use to decrease fraud costs and resources are covered under Ecommerce fraud detection and prevention. In addition to decreasing chargebacks and friendly fraud, this also involves banning transactions using stolen credit card details. You’ll get two pieces of information from your credit card processor to assist in fighting fraud: a three- or four-digit “security code” and an AVS response. A merchant’s database should never include the CSC code.

Ecommerce fraud protection

Detect security holes before fraudsters and criminals do. You should conduct audits for safety. You must be PCI compliant if you have an online shop that takes credit cards. By keeping an eye out for unusual behavior, you can keep your online business safe from fraudulent purchases. Credit card processors and issuing banks also often provide an Address Verification Service (AVS) to help identify suspect credit card transactions in real-time and prevent credit card fraud. 

E-commerce fraud protection with Parselytics

Whether you are new to the eCommerce environment or have been around for years, you’ll want to maintain protection and an evolving strategy for risk management. Better API integration and Risk Management are two major ways to keep away fraud from your website. If you are struggling to keep risks in check, Parselytics can help.

Parselytics provides comprehensive API integration and Risk Management services to help you retain revenue with minimal effort and maximum security while you also grow your business. 

You can retain money with little work and optimum security with ParselyticsAPI integration and Risk Management services.

Is a self-service kiosk a worthy investment?

According to a recent Forbes survey, 65% of customers are more inclined to visit a business with a self-service kiosk. Of course, this is largely attributable to the novel COVID 19 pandemic’s effect and after-effects and has established itself as the new normal. Now, you may be wondering, how much do you need to invest in a self-ordering kiosk? Is the investment justifiable? Or perhaps, what benefit do the kiosks system offer your business? Hopefully, your questions will be answered by the end of this article. 

How much investment does a typical self-service kiosk require?

Considering the diversity of self-ordering kiosk systems in the industries they serve, it could be somewhat difficult to attribute a particular cost to them. However, based on a range of criteria and your particular requirements, there are some expenses you can always prepare for. For the basics such as tablets units and countertops, all the way to large format floor kiosks, the typical price variation should range from 1500 to 5000 USD. 

Kiosks systems within the lower price range are best suited for basic tasks such as checking in, wayfinding, etc – as these tasks don’t require much more than touch screen ordering systems, standard closure, maybe a printer. However, if what you seek is a custom kiosk featuring truckloads of functionalities, you should prepare to raise your investment budget as this would undoubtedly require extra assets such as ADA devices, cash recyclers, cameras, barcode readers, and more. 

All in all, if you desire an experience tailored to your business and at your budget, Parselytics offers a range of integrations (Kiosk POS integrations, eCommerce integrations), and as such, can make the entire process more accessible and approachable. 

Is this investment cost justifiable? 

Needless to say, self-ordering kiosk for restaurants have been all the rage, and this is even truer for several industries out there. And yes, this venture is a worthy investment for a range of reasons, here’s why. 

Conserve more resources 

One of the primary justifications to a pos kiosk investment is that it helps you conserve your resources, especially time allocated to staff. For instance, suppose you invest in a self-service visitor management tool. This pos kiosk system allows anyone to sign in even without the presence of a receptionist. This conserves administrative resources and enough time can be directed towards more vital tasks. However, whilst giving ears to this business integration, ensures that you do not neglect other essential aspects such as your analytics and reporting. This doesn’t have to take your time, you can make everything easier with Parselytics

Generate more revenue and profit

In all these, you get to increase your throughput, and ultimately, sales. Customers will always align with the business that offers them convenience, and that is what an ordering kiosk does because customers can take their time and most likely order more. Thus, regardless of the initial investment attributable to this venture, their ROI justifies this investment. As you become reputable as a brand and known for fast and convenient services, expect a geometric surge in your customer base. 
All in all, The self-service kiosk is not only a viable option to skyrocket efficiency within your business, but it can also be a cost-saving approach to maximizing your ROI. However, they can only be so effective when set up with utmost proficiency and professionalism. So, why not let Parselytics handle the entire process for you?

Chargeback Fraud Prevention Tools – Which is Right for Your Online Business?

We have compiled the following list of Chargeback Fraud Prevention tools that may assist you in stopping fraud and chargebacks. Before You Buy … The following list of fraud tools may assist you in preventing fraud and any chargeback fees

These fraud tools can help block transactions that could lead to chargebacks and detect potential fraudulent activity. However, none of these tools can completely eliminate risk.

It makes sense that fraud tools can reduce crime but will not eliminate friendly fraud – such as illegitimate chargebacks. Because it is impossible to eliminate dishonest consumer behavior and misunderstood requests for refunds, you will still receive some chargeback requests. This is true regardless of how robust your tool is.

That being said, you can still get maximum protection using a the following tools that are provided by our chargeback management software 

  • Prevention alerts and Visa Merchant Purchase Inquiry (VMPI): This is used to resolve disputes after a transaction has taken place but before a chargeback has been issued.
  • To avoid liability for Visa’s allocation disputes, your processor or gateway can offer tools like AVS and CVV. 
  • Customers who have previously protested a transaction are added to a blacklist.
  • A risk management software breaks down the chargeback data by variables you can identify the source of the chargebacks so you can resolve them
  • Recovering lost revenue through chargeback technology Learn More

A comprehensive risk management strategy may seem like it requires a variety of different service providers. The truth is, multi-layer protection is not as hard to obtain as you might think.

Parselytics an all-in-one solution. You can use a single platform to prevent and combat chargebacks.

Last but not least, some service providers reimburse merchants if a chargeback is received on a confirmed transaction. However, merchants will not receive a refund for all chargebacks, since this reimbursement policy is restricted by certain rules. Because of this, if you want to recover the revenue you lost to chargebacks not covered by the guarantee, then you still need chargeback management software and a reliable system in place. Click here for more information

How Can Self-Service Kiosks Make Your Life Easier & Be A Great Analytics And Reporting Tool

People and businesses alike will do anything to save time. They are looking for new payment methods that are both more secure and more convenient. Rather than waiting in line for everyone to order one burger with everything, or without a particular thing, you can enter your order into the kiosk, swipe your card, and wait for the order to arrive. As an added perk to implementing kiosks in your business, they can be a great analytics and reporting tools

They allow you to avoid wait periods and they are extremely safe due to the EMV sales technology they are equipped with. Self-ordering kiosks appear to be a welcome addition to the fast-food business and convenience stores like Walmart and Target

A Self-service kiosk can shorten checkout times and increase customer satisfaction. Since we all know how important revenue metrics and marketing and sales analytics are, here are some statistics and reports:

66% percent of consumers that were questioned chose self-service options and self-checkout in a Retail Customer Experience article

A Self-service kiosk can help make the process faster which is some of the ROI drivers of self-service kiosks, according to this Retail Customer Experience study, also increase customer satisfaction, and improve organizational processes.

Kiosk lines might become larger the more people flock to it. Also some businesses may still refuse to accept cashier-less payments. Also some people prefer to give over cash to a physical person. Having said that, the self-service kiosk will be a welcome addition to those who we might consider as independent buyers.

Even Though, nowadays we heavily rely on technology, yet machines aren’t always perfect, and there will be times when they don’t operate or need to be updated and maintained. This needs the intervention of a human employee to address the problem. Parselytics is reliable and offer free maintenance on all of their kiosks. Click here to inquire about Self service Kiosks