‘Tis the season for holiday shopping! This time of year is notorious for increased traffic to ecommerce sites which can oftentimes result in fraudulent activity on your site. Studies have shown that 54% of customers are worried about becoming a victim of fraud this holiday season. Give your customers peace of mind this season, and educate yourself on how to prevent fraud and gear up for the rush. Read on to learn more about preventing ecommerce fraud over the holidays!
Before the holiday shoppers arrive on your ecommerce site, it’s crucial to have cybersecurity protection and multiple layers of fraud prevention tools in place. Get familiar with the typical customers that visit your site so you can pick out unusual customer behavior. Abnormal site behaviors can also be detected by using automated technology. Be sure to set up an emergency response plan with an IT team that can quickly be used to solve security issues if they arise. Remember to have your site tested in advance to ensure it can handle the boost in traffic. If you really want to have a solid backup plan, IT professionals can implement a code freeze on your website to prevent any possible changes. Having an IT team is a smart idea, especially during the holidays!
One of the biggest issues with loading up on security for your ecommerce site is that it can negatively impact the customer experience when checking out. On the other hand, fraud concerns and low security cause shoppers to abandon their shopping carts, causing you to lose out on profits. Customers enjoy having a one-click purchase experience, for example, but this comes with extra risk. Finding a balance between strong security measures while not overwhelming customers can be difficult and largely depends on how much risk you’re willing to take.
Cybercriminals are no longer only focused on stealing credit card information. Now, the goal is to steal as much payment information as possible to unlock various accounts, called account takeover fraud (ATO). You, as the business owner, play a major role in preventing fraud on your ecommerce site, so it’s essential to prepare for the holidays adequately. Keep your customers safe and give them the best experience possible this holiday season. For assistance with ecommerce payment solutions and processing, visit our website or contact us today!
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