3 Ways to Reduce Fraud with the Magento E-commerce Platform
It’s no secret that online fraud is growing and evolving in scary ways. Fortunately, the Magento e-commerce platform offers small business owners several robust and highly customizable options for combating these threats and securing online sales.
This is great news. Given the potential monetary damage a cyberattack could have on your e-commerce business, there’s simply no such thing these days as too much information security.
Here are a few protective measures we recommend you explore with your Magento application:
1. Understand Your Best Customers
The last thing you want to do with your e-commerce platform is bog down the ordering process with an intrusive fraud prevention strategy that causes you to frustrate your previously loyal customers and potentially lose legitimate transactions.
Indeed, the whole point of the Magento e-commerce platform is to make the purchase process easy and seamless for your customers. Therefore, rather than focusing on weeding out the bad apples, instead leverage the powerful analytics tools within Magento to focus on increasing sales with the good apples.
Magento Analytics includes advanced capabilities to identify who your best customers are, so that you can grow those sales and find more customers like them. Use this functionality to:
- Map spending patterns, to understand the various factors that impact purchase decisions
- Track order histories, to learn more about which products to show to which customers
- Measure customer value data, to identify where your revenue comes from
These powerful insights can help you develop more customer-centric strategies that attract more of the right kinds of customers. Furthermore, by understanding your best customers better, you’ll be well positioned to quickly identify outlier patterns that might signal a possible cyberattack underway.
2. Integrate Technology Solutions with Your Magento Platform
A number of software applications are available that can add multiple layers of security to your security plan. These sophisticated fraud protection solutions can help you identify and block potentially fraudulent transactions before they go through, by giving you the tools to:
- Identify transactions made with stolen or suspect cards, so they can be flagged for further review.
- Detect the use of proxy servers or mismatches in IP address and physical address, which can raise an alert if a customer is attempting to mask their true location (which might signify fraud).
- Build comprehensive customer account data, that includes past purchases, address verification, IP fingerprinting and more, which in turn allows you to spot potentially fraudulent transactions more quickly.
- Automatically generate a fraud score for every order, by matching specific order parameters with your customer account data.
- Tokenize card data, which makes the data worthless to hackers and eliminates the need to store that sensitive data on your own servers.
These are just a few of the solutions available to you.
3. Team Up!
As a small business owner, you have better things to do than become an expert on cybersecurity. If you’re running your online sales on Magento, you’re already committed to providing your customers with an outstanding online shopping experience – and that should be enough!
A turnkey fraud management solution can free up your time and resources to focus on growing your business, not sniffing out criminals. Contact email@example.com today to learn how we can help quickly and easily connect your Magento e-commerce platform to our analysis center!