Tips to Save Your Business from Fraudulent Transactions
As the power of technology continue to grow, the possibility of fraud increases along with it. Many companies, especially startups, are susceptible to this growing problem. This problem increases exponentially if the majority of your profits are created through your eCommerce business or mCommerce platforms. In an effort to decrease the likelihood of this happening to you, we have curated a list of six items that should decrease the chance of experiencing credit card fraud.
Delay Overseas Shipping
Many times, credit card frauds will utilize an overseas address when purchasing a product. This is done in an attempt to decrease the likelihood of being found. If your demographic is primarily from a specific country, notice this and verify purchases made from outside of this demographic. Furthermore, delaying the order until you have received proper payment can protect your business from a fraudulent transaction.
Use a Trusted Delivery Service
Many companies create their own delivery fleet because of fraud. Examples of specific companies include Walmart and Amazon. This method of aversion will provide reassurance that your package will be delivered to where it is supposed to be.
Utilize Geo-Location Services
Geo-Location is used by tracking and locating an IP address. This method of security will reinforce the information provided by your customer. If the geo-locator does not garner the same information that your customer has provided, it would be safe to expect fraudulent activity.
Maintain a Blacklist
When you experience fraudulent activity, take the necessary steps to stop it from happening again. Create a blacklist of consumers who have committed fraud against you and your organization.
Create a set number of purchases that can be made daily, weekly, or monthly. This can pertain to every customer or customers within a certain region.
Create Channels of Communication
If an order looks suspicious, contact the consumer before you utilize time and valuable resources. This will garner trust between you and your customer and rid any possibility of fraudulent activity.
Credit card fraud is rampant in today’s world of business. To protect yourself, consider utilizing a great and reliable service like eGrove System, an organization that provides secure payment gateway integration for large and small businesses alike. You work hard for your business; protect yourself from those who wish to waste your time and money.
(Disclaimer: eGrove Systems Corporation does not accept any liability or responsibility for any loss arising from the reliance on the information provided in this article. This information is a general guide to business transactions and should not be considered legal or professional advice.)