For e-commerce and multichannel merchants, managing fraud can be a burdensome task. But ignoring the job can be potentially disastrous for your business: U.S. merchants and card issuers are projected to incur $9.1 billion in payment card fraud losses in 2018.
Even after realizing how important fraud protection is, finding the right solution to protect you and your business isn’t easy. Do you know what solutions are even available? What questions should you ask to ensure you’re getting the solution that’s right for you?
ClearSale’s Fraud Protection Buyers Guide gives e-commerce merchants the insight they need on the different types of fraud solutions, like:
- Fraud filters. These basic tools are usually inexpensive and easy to set up. But you can’t fully customize them to your business or use human review to catch the things the software misses.
- Manual solutions. While each transaction is individually reviewed, those reviewers might be unable to keep pace with sudden spikes in sales volume.
- Outsourced automated solutions. Although these solutions can improve processing time and provide more sophisticated options, they still rely exclusively on artificial intelligence, increasing the risk of false declines.
- Outsourced managed solutions. Leveraging the power of machine learning technology to screen every transaction, this option also uses human analysis to authenticate flagged transactions.
Once you’ve decided on a general category of fraud solutions, the decisions don’t end there — and neither does our help. Next, our guide assists you as you evaluate which individual fraud protection solution is right for your business, based on factors like:
- Usability. Do you have the time, skills and staff available to review orders and accurately (and quickly) make transactional decisions? Or should you outsource this to a specialized team?
- Integration. Will the solution integrate seamlessly and easily with your existing e-commerce platform? Where will you go if you have questions or problems?
- Accuracy. It’s challenging to prevent fraudulent transactions without declining legitimate orders. How does the solution reduce the risk of false positives?
- Chargebacks. Will the solution cover your business against all three kinds of credit card fraud: true, chargeback and friendly fraud?
- Data safety. Securing your customers’ sensitive personal data is critical for online retailers. The fraud protection solution you choose should be just as concerned about safeguarding this information.
Once you’re ready to start shopping, our Fraud Prevention Buying Worksheet lists all the questions you need to ask to compare your options and make an educated decision.
Ready to discover the perfect fraud protection solution for your business needs? Get your free Fraud Protection Buyers Guide today!