How much do you know about fraud detection and the evolvement of fraud? Read on to learn everything that you need to know on the subject.
Unfortunately, the cybercrime industry will be worthover $10 trillionby 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.
How Will Fraud Evolve?
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.
What Fraud Detection Solutions Should I Look Into?
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:
Look for a fraud detection solution that offers real-time alerts so you can take action as soon as suspicious activity is detected
Make sure the fraud detection solution you choose is compatible with your eCommerce platform
Choose a fraud detection solution that has a strong fraud prevention team behind it
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.