Unfortunately, the cybercrime industry will be worth over $10 trillion by the end of this decade. To make matters worse, many of these criminals will target small eCommerce businesses.
As fraudsters will only get savvier and more adept at covering their tracks as time goes on. So, it's essential that you have fraud detection solutions in place to protect your business.
Let's take a look at a fraud detection guide that has all you need to know.
There's no telling exactly how fraud will evolve in the years to come. However, we can predict future outcomes based on current criminal behavior. Criminals are already experts at making their activities look legitimate, so they'll only become more adept over time. This means they will likely orchestrate more sophisticated attacks on eCommerce businesses.
We can also expect to see an increase in social engineering attacks. In these attacks, criminals will use various tactics (such as phishing emails or fake social media profiles) to try and trick customers into giving away their personal information.
There are a few different fraud detection solutions on the market, but not all of them are created equal. Here are a few fraud detection tips to keep in mind:
Vesta offers a premier fraud detection service.
It uses artificial intelligence to minimize the fraudulent activity that your business experiences. It's also backed by our guarantee of zero cost and zero liability. This means that fraudulent activity that may slip through the cracks is something that we handle — not you.
You can visit this resource to learn more about it.
If you don't protect your business against fraud, you could face serious consequences. You could lose money, customers, and even your reputation.
The latter point is especially important to consider. For example, consider the 2017 Equifax breach that caused millions of people to have their personal information compromised.
If a situation like this occurs at your business, it is highly likely that your customers will choose one of your competitors and never look back.
As criminals become more proficient at conducting fraudulent activity online, it's essential that you have fraud detection solutions in place to safeguard your customer data.
This will also help to prevent chargebacks, customer dissatisfaction, and similar complications in the future. Want to learn more about what we have to offer?
Feel free to get in touch with us today and see how we can help.
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