The Evolving Technology of Ecommerce Fraud

Combat eCommerce payment fraud with innovative open payments platform tools

The truth of eCommerce businesses is that payments draw in fraud and merchants of every size. According to Juniper Research, between 2023 and 2028, merchants are expected to lose over $362 billion globally to payments fraud. Now criminals are looking for new ways to exploit potential vulnerabilities of eCommerce businesses. The security challenges merchants face in the eCommerce industry requires a sound fraud prevention strategy to protect your data.

Spreedly’s open payments platform extends beyond optimizing transactions by simplifying fraud protection for eCommerce businesses. Eliminate the technical obstacles of cybersecurity through Spreedly’s advanced platform features designed for eCommerce marketplaces and merchants.

Payment fraud detection software enhance advanced fraud prevention

The threat of eCommerce fraud is evolving rapidly and requires you to think about how to connect your various digital assets. Two things must be considered when storing customer payment information: the cybersecurity strength of the different vendors and tools and your overall cybersecurity strategy.

There is one choice to consider—to build a secure infrastructure with clear-cut access controls, or to use a payment platform as your payment tech layer.

eCommerce fraud prevention is simple with Spreedly because of seamless integrations with reputable fraud software providers, like Forter and Kount. Whatever your technical or geographical needs may be, when using the Spreedly platform, you can connect to a broad selection of different tools and providers to suit your specific needs.

Plus, Spreedly delivers a wide range of features to boost your overall security, such as the Advanced Vault. Instead of relying on in-house or multi-provider vault maintenance to store your payment data, advanced vaulting ensures the lifecycle management process is straightforward.‍

The purpose of utilizing an open payments platform

Merchants using an open payments platform reap multiple benefits, like orchestration with the ability to connect additional services to create a customizable and complete payment stack. Businesses can create a diverse range of connections with different providers and tools, which enhance eCommerce fraud protection.

The lines of communication are clear between you and your providers when utilizing an open payments platform.

Spreedly’s open payments platform helps your customers win by adapting your payments strategy quickly without limits and maximizing every transaction. For example, the Advanced Vault allows you to integrate key features such as data enrichment and network tokenization to optimize your global payment lifecycles and performance. Since you can actively manage the vault, these additional capabilities also deliver critical insights into real-time operational or financial inefficiencies within your payment system.

Discover the best eCommerce fraud protection practices for your business

To prevent eCommerce fraud and ensure effective prevention, the first step is to educate your employees on the warning signs. Here are the signs of fraud and elements to monitor:

• With account takeover fraud, criminals tend to change all contact and backup information to keep the real account owners from accessing their account. Be vigilant of new email addresses or contact information changes
• Strange payment activity, such as low payments indicating card testing and high payments that can be indicative of unauthorized transactions or stolen credentials
• Multiple purchases occurring with more than one payment method
• The shipping address and the location of the IP address not matching

Spreedly’s open payment technologies combined with a set of eCommerce fraud protection best practices can maximize your fraud prevention system. Make sure each one of these best practices includes clear policies and procedures on how employees can handle and verify customer data in your system.

How to combat eCommerce fraud with the latest technology

eCommerce fraud protection software is vital for preventing attacks against your system, the importance of using a platform that supports multiple integrations is indispensable. Apart from software, here are other features you must consider:

• Chargeback and refund monitoring tools
• Secure payment gateways
• Advanced data analytics
• Multi-factor authentication

The vendor-agnostic approach is what makes open payments and payment orchestration so effective for combatting eCommerce fraud. Instead of being locked in with one provider, an open payments platform provides the flexibility to adjust your payments stack according to the specific payment scenarios or the areas of the world you’re operating in.

Optimize your approach to eCommerce fraud protection

Spreedly offers eCommerce fraud protection tools on a global open payments platform specifically designed to maximize the payment performance of merchants and marketplaces. Using a single API, Spreedly allows you to seamlessly connect to leading fraud prevention software providers like Forter and other payment services.

Now you can schedule your Spreedly demo today to get started.

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