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?