eCommerce fraud is any fraud that occurs on an eCommerce platform.
Online purchases are daily surging, and fraudsters are moving at the same speed. If fraud occurs in an online shop, it could cause significant damage to the bottom line. Here is why the adoption of a fraud protection solution is crucial.
eCommerce fraud happens when a fraudster succeeds in stealing a genuine user’s credit card information and then using them to perform a transaction. There are countless schemes of eCommerce fraud such as account takeover, card testing fraud, chargeback fraud, refund fraud, and interception fraud.
With the rise of new payment methods, eCommerce shops are threatened with new forms of fraud every day. eCommerce fraud often occurs because it is easy for hackers to find the data they need, and there is also a lack of prosecution for this type of crime.
To prevent eCommerce fraud, a business needs to know the types of threats it may have to deal with and quickly implement an efficient fraud protection solution.
Monitoring credit card information and transaction details, the XTN Cognitive Security Platform® can spot fraudulent activity based on user and merchant profiles. Behavioral Biometrics features let us recognize attackers when they try to access the service in the guise of a legitimate user and prevent the fraud from being successful.