MAKE SECURITY MANAGEMENT A PART OF EVERYDAY BUSINESS OPERATIONS

Whether a retailers onlin e revenues are $50,000 or $500 million, protection from cybercrime needs constant attention. Even without putting a fraud expert on the payroll, an eCommerce operation can take steps to effectively minimize the risks of transaction fraud at checkout.

Advanced fraud management

services are fast, flexible, and affordable. Even small online retailers can utilize sophisticated, real-time risk assessment as an integral part of the checkout process, and lay a foundation of security best practices on which their business can grow. Online retailers should consider implementing these best practices:

• Deploy a combination of end-to-end encryption and tokenization to simplify PCI compliance and

• protect customers payment card data from being stolen and used fraudulently.

• Make sure all employees understand the risks of card-not-present transactions. Compensate for the lack of in-store controls with real-time screening using both payment information and anti-fraud intelligence from other sources.

• Enable proactive security measures. Dont accept fraud as just another cost of doing business.

• Every eCommerce merchant can wield the power to detect and stop most attempts to make fraudulent online purchases. Configuring the right kind of fraud logic in the early stages of your business can help you avoid problems later.

• Leverage as many tools as are available to you through your payment provider and other resources. Experiment with the use of automated order screening early on, when transaction volume is low and suspicious behavior anomalies are more easily recognized. Constantly re-evaluate the risk settings and resolution rules that will catch most fraud attempts without requiring many transactions to be reviewed or denied.

• Participate in forums, webinars, and other shared experiences with fellow merchants; in many ways, collaboration is the greatest advantage we have against fraud.

Additionally, for support and guidance on the nuances of fraud management, eCommerce merchants should talk to their payments processor.

• Ask how to use both payment and non-payment information to detect fraud and gain visibility into shopper behavior.

• Get recommendations on how to define rules that effectively assess order risk and determine the appropriate resolution of each order.

• Find out what level of support to expect in implementing industry best practices for reporting, scoring, order resolution and scoring parameters.

• Find out if the payment processors solution has a user-friendly workflow for resolving transactions and managing chargebacks and reversals.