Many companies in Singapore are either online or going digital. The e-commerce business is booming, and the E-commerce Website registry is adding new sites every day. This competitive industry is vulnerable to online scams, so it’s important to be aware of what you’re getting yourself into.
Some people might take advantage of those successful e-commerce businesses and get away with online payment information, customer data, and products. This is why e-business owners must implement the below-mentioned fraud prevention techniques.
Use E-commerce Fraud Protection Services
Fraud protection is essential for E-commerce sites. There are specific tools and applications you can use to verify the identity of an online customer before they buy your product. This will help prevent people from using your site when they aren’t genuine customers. To stay safe, it’s important to use such services on a long-term basis.
Make use of Address Verification to Prevent E-commerce Fraud Risk
E-commerce websites in Singapore will use an address verification system or AVS for authentication, which requires the customer to provide their postal code for all purchases. It helps to confirm the buyer’s identity. Though it has limitations, this system will help stop most attempts at fraud.
Avail Security Codes for All Credit Card Transactions
Online frauds happen mostly with credit cards. This is either because someone else is using the stolen credit card to make a purchase or because the CVV code that guarantees the cardholder’s authenticity was not entered. The best way to prevent E-commerce fraud is by adding CVV authentication to your payment gateways.
Use Verification Technology
Today, the most common method of checking that someone is who they say they are is to use their email address and password. Other options like SMS, CVV, and OTP are also used. To make your customers feel more secure, it’s best to use more than one form of account authentication. This way you can assure them that their credit card or debit card isn’t being used by someone else.
Take Advantage of E-mail Authentication
The best way to keep your customers’ transactions safe is by using email authentication. It’s a clever way to track your shoppers by having them use their email inbox to authenticate an online purchase. You can easily avoid scams and other people’s money from being taken away.
Invest in Hypertext Transfer Protocol Secure
The online shopping world is tricky territory. Scams happen all the time, and when they do, you know your customer will definitely be looking for a refund. You don’t want to just hand that to them, but you also don’t want them to leave with an uneasy mind. E-commerce businesses in Singapore should implement HTTPS as a way to guard against scams. This is a simple step that will go a long way in proving your security to shoppers.
Conclusion:
Online scams are now more sophisticated than ever. Machine learning and artificial intelligence can now surpass human intelligence in online scams. In order to avoid scammers, e-commerce sites in Singapore should implement the mentioned measures to keep both their business and their customers safe.
