The expansion of e-commerce has kept its pace, even after the COVID-19 pandemic has long since passed. It’s true that the pandemic sparked an accelerated demand for an online shopping experience, but its convenience is what kept it expanding even further. With it came third-party fraud and other new ways scammers tried to abuse business’s vulnerabilities.
As technology advances, so do fraudulent activities, along with their complexity. Merchants are facing new challenges each day because criminals gain new ways to exploit vulnerabilities. Among these fraudulent activities, it’s good to know what second-party fraud is, its differences as opposed to first-party and third-party frauds, and how to avoid and prevent them.
Online shopping has brought many advantages, both to merchants and customers. It offers ease of access to goods and services, and it’s easier for merchants to reach out to those unable to visit their brick-and-mortar stores. Although there are downsides to shopping online with a card, a dynamic CVV may help prevent fraud and keep the assets of both parties safe.
As non-cash payment options have become more widespread, so have different types of fraud. This is why companies should stay alert for the latest scams that can befall their business. First-party fraud is one of these schemes you should be wary of, and to prevent it, you will need to understand it fully.
If you’re looking to pursue an online store, you’ll probably want to understand better how e-commerce business models function. The more you’re acquainted with e-commerce models and its strategies, the better your chances of succeeding in the market. Let’s get into the four most commonly used electronic commerce classifications and five proven strategies that will help you grow your enterprise.
As the vast world of eCommerce continues to grow, along with digital payment options, so does the chance for fraud. If you’ve ever encountered the term friendly fraud, you probably already know that it’s anything but friendly. Despite its name, it can really hurt merchants in a number of ways – through chargeback fees, lost sales, and damage to their brand image.
In the world of e-commerce and online transactions, you’ve probably heard many terms related to processing tossed around equally. The distinction between each can be confusing. Before you decide which one you need for your business, understand the difference between credit card processor vs. gateway.
The goal of any online store is clear, and it’s to achieve a steady inflow of customers and increase revenue. The growth of the customer pool also comes with a growing need to protect them and keep their sensitive data secure from any eCommerce fraud. To be able to do that, you should know about all types of scams that could potentially harm your clients and your business.
It never hurts to know how much you can save.
