How Shopify prevents e-commerce payment frauds? - ShopifyShoguns

According to a report by SecurityWatch, the eCommerce loss from security fraud stood at a whopping $57.8 Billion in the year 2017 and is only expected to rise further.The industries badly hit by these payment fraud transactions were related to apparel, consumer electronics, cosmetics, perfumes, furniture, and appliances. Another major red flag related to these eCommerce payment frauds were that the increase in the average ticket size to $500 from $100.

To curb these measures which were hitting the small and mid-size businesses pretty hard, Shopify eCommerce has come up with some stringent measures such as.

How Shopify eCommerce helps merchants fight back payment frauds

Shopify eCommerce not only helps build you build a robust brand, through increased sales but even prevents your store from bleeding money."What does Shopify have to offer to prevent payment frauds"

Shopify eCommerce has recently rolled out an offering to its select merchant partners in the US with plans to roll out to Canada and other continents.With the experience of processing millions of orders online all over the globe, Shopify eCommerce has developed a unique algorithm which can asses which transaction is fraudulent or not. Analyzing the incoming order based on their past flagging and other criteria this software automatically sets the status of the incoming order to protect.

Unlike other eCommerce platforms like BigCommerce and Magento which partner with third-party providers for detecting fraud, Shopify has developed this whole mechanism in house. This makes Shopify stand out amongst the crowd.

Methods of fraud analysis Shopify offers you

Shopify’s eCommerce has a very robust fraud analysis in place and can help businesses identify potential risky and fraudulent transactions well before the damage is done. This can help small and mid-range businesses avoid chargebacks.The fraud analysis provided for Shopify basic plans are:

Indicators for fraud analysis

These payment fraud detection indicators from Shopify includes points such asWhether the customer has provided the CVV code

IP address tracking used to place the orderWhether more than one credit card was used to place the order. If yes than analyzing the buying pattern.Whether the card used to make purchase passes the AVS check.Support for third-party apps that detect fraudYou can search and integrate various third-party payment fraud detection extension by choosing from the Shopify app store.Some of the best extensions available for your Shopify store are.

Fraud Scanner

NoFraud Fraud preventionFraudLabs Pro Fraud Prevention The best part about these Shopify fraud prevention extensions are, they all got a free plan available.The payment fraud analysis provided for higher Shopify plans is a few notches higher such as ‘Fraud recommendations.

What are payment fraud recommendations?

This service is provided for Shopify businesses which are on a higher plan. The orders which are processed are immediately flagged based on the risk rating on the scale of low, medium or high risk and then logged into the orders page.High and medium risk orders are automatically notified to your email once you subscribe to the notifications. This is made possible through the inbuilt Shopify algorithm which has been developed based on the insights gathered from previous experience of selling online and fraud detection experience.

These Shopify algorithms are continuously monitored and improved over time to give businesses pinpoint accurate fraud detection.

Why you should consider moving to Shopify eCommerce?

Unlike Magento and BigCommerce, Shopify offers fraud management technology directly to their merchants which means taking care of the risk associated with it. This is really a very big factor which no eCommerce platform provides other than Shopify.Andre Lyver, Head of Financial Solutions Shopify states "We talk to merchants every day and one of the recurring themes we often encounter is the amount of time and effort they put into preventing fraud, and the anxiety and turmoil they put up with when dealing with a chargeback on an order they’ve already shipped."

This gives Small and mid-sized businesses the space to fulfill orders without the fear of loss knowing very well that Shopify eCommerce has got them covered. This is nothing short of being awesome.How Shopify Shoguns can help your business?Through our years of experience working with eCommerce projects for merchants and retailers all over the world. We can safely say that Shopify has always been the safest and most user-friendly platform to start a business.With critical factor like eCommerce payment frauds taken care of by Shopify, it is imperative that Shopify is by and far the best bet available for small and mid-sized businesses all over the world.If you a merchant or a retailer contemplating to start an eCommerce presence or looking to enhance your existing website experience visit our website www.shopifyshoguns.com or email us at info@shopifyshoguns.com

According to a report by SecurityWatch, the eCommerce loss from security fraud stood at a whopping $57.8 Billion in the year 2017 and is only expected to rise further.