Online shopping has made life so much easier. Now you can buy everything you want and need without ever having to leave your home. As a seller, youโre able to offer your product to a much wider range of customersโnot just in your city, but everywhere around the country and even across the globe. But the fact that you never see your customersโ faces and check their credit card personally means the risk of credit card fraud is much higher. If you want to ensure your company is not responsible credit card fraud online, here are a few things you can do:
- Be wary of different billing and shipping addresses โ Itโs not uncommon for fraudulent credit card users to use someone elseโs card to ship products to their address. There are honest customers who order items ship to a different address than their billing address, but itโs best to be wary if you see two addresses on the order.
- Watch for iffy email accounts โThe vast majority of email users today will have an email address from a major provider like AOL, Google, Yahoo, or Hotmail, as well as emails for their company or website. Be wary of emails that belong to unusual service providers, as well as email addresses with a random selection of numbers and letters that make no sense. Itโs not always fraudulent, but itโs definitely a warning sign!
- Use a fraud profiling service โ If youโre not 100% certain about a customer, consider using a fraud profiling service to help you dig a bit deeper. These services will analyze the customerโs IP address, name, purchase history, and other details in order to determine whether or not they are fraudulent. Itโs better to be safe than sorry when it comes to high-risk transactions that involve a large sum of money or a lot of products.
- Protect your website โ One of the worst things that can happen to your online store is having the credit card information database hacked and the information stolen. It happens a lot more often than youโd think, especially to larger retailers. Itโs vital that you update your website security measures to protect against cyberattacks.
- Require the Security Code โ A lot of credit card thieves use credit card names and numbers, but they donโt own the credit card. One good way to prevent fraud is to require the security code (also known as the CVV2, CVC2, or CID), the 3 or 4-digit number written on the back of the card. Do not allow purchases without the security code. A lot of fraudulent credit card users will be unable to buy from you because they donโt have the card.
Credit card fraud can come from the most unlikely places, and sadly the accessibility of online shopping makes it easier for criminals to buy a broad selection of products with stolen cards. Itโs up to you, the retailer, to be smart and do your part to deter credit card theft!
