Credit card fraud is a serious issue that requires definitive solutions. Here are some valuable tips for how to evaluate those solutions.
Did you know credit card fraud levels rose by almost 48 percent between 2019 and 2020? Those numbers came as a result of the COVID-19 pandemic and the rise of online shopping. It's still important to lock down credit card fraud detection as breaches become more sophisticated, though.
For eCommerce merchants, that means putting good credit card fraud detection solutions in place. Doing so can protect not only your business but also all the people who interact with and purchase from your website.
So, what solutions are best? Luckily, we're here to help you answer that question. Read on to learn more about what to look for in your solutions.
Access to Insights
With an insights dashboard, you have access to relevant fraud prevention data, highlights of suspicious activity, and other relevant information. It also means you don't have to switch views, windows, or even use confusing navigation to pull up what you're looking for.
Intuitive navigation is crucial to any decent software, but especially one that comes with fraud solutions.
This guarantee is going to ensure you don't have to cover the cost of chargebacks whenever you're using a certain solution. The responsibility falls to the fraud prevention solution you're using (which is sure to save you a lot of money in the long run).
Are There Automated Features?
Automated features are going to perform tasks like blocking suspicious devices, canceling fraudulent orders, and identifying fake checks. It's also going to help with simple tasks like confirmation emails and letting someone know when their order has shipped.
Automated workflows aren't unique to fraud prevention solutions, but they're crucial for ensuring ease of use.
How About Machine Learning?
Like automated workflows, machine learning (ML) is going to elevate your user experience with the solution you choose. It's also going to help you combat new or repetitive security threats.
ML models work with insights and datasets they're fed to learn about patterns and collect information. These models are a lot more effective than manual entry could dream of being. Meaning that the model performs faster and more complex calculations across a wider range of fraud signals.
It's important to have a model that's been tested and proven, otherwise, you might not get your desired results.
You Can Easily Prevent Card Not Present Credit Card Fraud
If you can find these features in your credit card fraud solutions, then you know you've found a good solution to implement. As we've already talked about, security breaches grow more sophisticated all the time. That's why it's important to have solutions that can do the same — that's where Vesta can help.
We specialize in helping you grow your business while minimizing the risk of fraud by creating a custom solution that works for exactly what you need and how you need it.
Contact us today to get started.