How Retailers Can Prevent Fraud – Five Must-Read Articles

Data security has always been a concern for retailers. Even before the Target data breach during the 2013 holiday season, over 85% of retailers said that privacy concerns related to a security breach was a top concern.

The Target breach already ranks as one of the worst data breaches ever. Why? Thieves stole massive amounts of credit and debit card information from in-store shoppers. Today, retailers and shoppers are at even greater risk — they have to worry about in-store and online transactions. Now, with ecommerce on the rise, online fraud is increasing – at an alarming rate. Despite new security measures such as EMV card chips, fraud has increased 33% in the past year.

Retail IT environments face an unprecedented level of technological change. Stores have more requirements and customers expect both performance and security when using online and in-store services.

To reduce and prevent fraud, it’s important for both retailers and consumers to educate themselves. We’ve curated a short list of articles to help merchants protect themselves and their customers from fraudulent ecommerce crimes. The articles highlight different types of fraud, what retailers can do to decrease the risk of fraud, how shoppers can better protect themselves from fraud crimes, future risks, and more.

1. Five eCommerce Fraud Predictions For 2017Network World
This article provides a fraud forecast for the months ahead, enabling retailers and consumers to properly prepare themselves for future fraud risks. It also discusses various types of fraud, and what is being done by both retailers and the government to prevent fraudulent activity.

2. Three Solutions for eCommerce Merchants Fighting FraudEntrepreneur
Written by Shoshanah Posner of NoFraud, a fraud prevention solution for ecommerce businesses, this article offers specific fraud prevention techniques that ecommerce merchants can implement to reduce different types of ecommerce fraud.

3. Identity Fraud Hits Record High with 15.4 Million U.S. Victims in 2016Javelin Strategy & Research
Research-based advisory firm, Javelin, helps clients make better-informed decisions in a digital financial world. Their press release discusses significant fraud trends found in their 2016 study, and safety tips to protect ecommerce shoppers.

4. Successfully steering the ship though a stormy sea of fraud in 2017Risk.Ident
Risk.Ident, a software company fighting online fraud, predicts fraudulent trends that will occur in 2017 and how merchants can protect themselves with effective fraud management tactics.

5. Best Fraud & eCommerce Conferences to Attend in 2017Riskified
Looking to learn more about secure online payments, data security trends, and fraud prevention? This blog provides information on ecommerce and fraud conferences for industry and fraud professionals to attend in 2017.

When it comes to preventing ecommerce fraud, it’s important to understand that information, experience, or technology alone is not enough. The reality is, hackers will always be ahead of current information and software security. However, by being informed and Implementing the right technology, retailers stand a better chance of reducing fraudulent activity on their sites and in their stores.

Order management system providers understand the importance of protecting ecommerce sellers and their customers from fraud. Make sure to take advantage of the fraud detection functionalities within order management systems. With increased end-user fraud management tools, retailers can have increased visibility and control to prevent fraud orders and security breaches.