Even as the holiday season is a booming time for eCommerce stores, there are some big challenges it often brings. Ensuring glitch-free performance and zero-downtime for your store would be the top priority during this time of the year. At the same time, you cannot overlook the lurking fear of payment fraud. This is also a busy time for fraudsters who look around to con businesses and shoppers, so the apprehension is real. Thankfully, you can take certain tangible steps for payment fraud prevention during the holiday season and throughout the year. Here are some measures to make your e-commerce store season-ready.
Define your fraud KPI benchmarks
Though fraud prevention takes the front seat during the festive season, it should be your top priority throughout the year. After all, hackers and fraudsters can strike whenever they get a chance. So it makes sense to understand the risks and define the fraud KPI benchmarks right when you establish the business. A careful assessment of these benchmarks every few months will help you keep your strategy strong. When it comes to the detection and prevention of online payment frauds, it becomes important to understand the meaning of normal in terms of transaction security. Only then you would be able to identify anything amiss and raise a red flag.
Update your identity verification strategy before the holidays
Although you will have some basic identity verification methods in place for your e-commerce store, updating the strategy before the season kicks in will make you better prepared. Holiday shopping behaviors are unique, so you need to extend beyond the standard fraud detection measures you use normally. One of the options is to implement the HPS fraud monitoring solution as it can have your transactions significantly covered from a security perspective. Going the extra mile with safety can be a good way to safeguard your customers and boost your reputation in the e-commerce domain. You will probably want to stick to these measures in routine to keep frauds at bay.
Find a fraud protection partner you can rely on
When you choose a fraud protection solution to stronghold your business, make sure that you find a provider you can rely on. Someone who knows your business would be an ideal choice because every e-commerce business is unique. Moreover, the habits of online shoppers are different and they also change during the holiday season. Your partner should be able to tailor the fraud protection strategy to match the specific needs of the business and expectations of the customers. With this, you can rest assured that nothing would go wrong even during the traffic spikes.
Fraud detection and prevention is not a one-time task for e-commerce businesses, rather it is an ongoing requirement. But you need to be extra conscious during the holidays because hackers may just sneak in when you are busy with handling the challenges of rush hours and high demand. Having a proper strategy in place well in advance will keep you protected and confident even as the risk runs high.