To safeguard your online business, utilizing a top-rated e-commerce fraud prevention software is pivotal. With an increasing number of attackers targeting vulnerable e-commerce sites, such tools are paramount for protecting your online store from potential cyberattacks.
It is pertinent, however, to choose the best fraud prevention and protection software that doesn’t affect your conversion rate or create issues for users. Lucky for you, here I have compiled a list of the most popular software to thwart cyberattacks and protect your online store.
What is e-commerce fraud prevention software?
Ecommerce fraud prevention software act as integrated or third-party fraud detection tools to protect online retailers and businesses. These cybersecurity solutions scrutinize each transaction and utilize payment analysis techniques to identify different types of fraudulent actions, raising alarms to prevent financial losses and reputational damages to the ecommerce store.
15 Best ecommerce fraud prevention software for developers and store owners
At Ropstam, our team utilizes a handful of fraud prevention tools to ensure the smooth development and delivery of ecommerce sites without the risk of fraudulent activities occurring. Here, I will walk you through some of the best ecommerce fraud prevention solutions gleaned from online resources and our experienced team:
| Fraud Prevention Software |
Key Attributes |
| Kount |
|
| Signifyd |
|
| DataDome |
|
| Forter |
|
| Cybersource |
|
| Covery |
|
| Arkose Labs |
|
| Bolt |
|
| SEON |
|
| Vesta |
|
| Midigator |
|
| ClearSale |
|
| Ekata |
|
| Riskified |
|
| Sift |
|
1. Kount
Kount
Kount is an advanced digital fraud prevention platform that helps online businesses protect against fraudulent transactions and interactions. It utilizes AI and machine learning to analyze hundreds of data points across the customer journey, providing real-time decision-making on transactions.
For online store owners, Kount offers a comprehensive suite of tools that assist in detecting and preventing payment fraud, account takeovers, and fake account creation, making it a critical component in implementing ecommerce fraud prevention techniques.
2. Signifyd
SIGNIFYD
Signifyd specializes in providing an end-to-end commerce protection platform that employs big data, machine learning, and domain expertise to provide a financial guarantee against fraud. Online businesses use Signifyd to automate fraud prevention, increase sales, and simplify order fulfillment.
By leveraging Signifyd, online businesses can follow e-commerce fraud best practices by shifting the liability of fraudulent chargebacks. This allows them to focus on growth without the risk of fraud.
3. DataDome
DataDome
DataDome offers real-time bot management and fraud protection software designed to safeguard online businesses from automated attacks. It detects and blocks malicious bots that can perform credential stuffing, scraping and account takeover.
Utilizing DataDome as part of their e-commerce fraud prevention techniques, online business owners can protect their websites, mobile apps, and APIs from cyber threats while ensuring an high-level user experience for legitimate customers.
4. Forter
Forter
Forter is another popular fraud prevention system that uses advanced algorithms and a vast network of data to provide instant decisions on transactions. It covers varying aspects of ecommerce fraud, including payment fraud, account takeover, and policy abuse.
Online business owners tend to rely on Forter to implement strategic risk-based assessment as part of their ecommerce fraud best practices, reducing friction for genuine customers and improving overall transaction approval rates.
5. Cybersource
Cybersource
Cybersource, a one-of-its-kind Visa solution, provides a complete portfolio of services that simplify and automate payment operations. This ecommerce fraud management tool includes tools that help detect and prevent fraudulent transactions.
By incorporating Cybersource into their e-commerce fraud prevention techniques, online business owners can benefit from effortless fraud management workflows and improved security for card-not-present transactions.
6. Covery
Covery
This tool brings risk management and fraud prevention into one platform, utilizing machine learning to detect fraud in real time. It is designed to combat fraudulent activities such as payment fraud, account takeover, and loyalty program abuse.
Particularly useful for e-commerce store owners, Covery offers a proactive approach to managing risk and implementing e-commerce fraud best practices by minimizing false positives.
7. Arkose Labs
Arkose Labs
Arkose Labs delivers long-term fraud prevention and account security by undermining the economic drivers behind attacks. It uses a challenge-response mechanism to wear down attackers, thus protecting against automated and human-driven fraud.
Online business owners can use Arkose Labs to enhance their ecommerce fraud prevention techniques by providing stringent security measures without compromising user experience.
8. Bolt
Bolt
Bolt is a checkout and shopper network platform that includes powerful fraud detection and prevention capabilities. It approves more genuine orders while reducing false declines, ensuring a smooth checkout experience.
By integrating Bolt, online businesses can follow ecommerce fraud best practices by offering a secure, one-click checkout for their customers while mitigating fraud risks.
9. SEON
SEON
Regarded as a useful tool for combating e-commerce fraud, SEON’s fraud prevention tools are designed to reduce the costs and resources lost to fraud.
Its solutions rely on real-time data enrichment, machine learning, and advanced APIs to detect and prevent fraudulent activity. To effectively combat fraud while optimizing their operations for genuine transactions, this software is preferred by online store owners.
10. Vesta
Vesta
Vesta is a transaction guarantee platform that focuses on eliminating chargebacks and increasing approval rates for online merchants. It provides real-time decisioning with a zero-fraud-liability guarantee for approved transactions.
Implementing Vesta allows online business owners to accept more transactions while mitigating the risk of fraud confidently.
11. Midigator
Midigator
Midigator offers a data-driven approach to chargeback prevention and dispute management. It automates the chargeback response process and provides actionable insights to prevent future disputes. Online business owners can utilize this tool to reduce chargeback ratios and recover lost revenue.
12. ClearSale
ClearSale
ClearSale provides a unique combination of human expertise and proprietary technology for fraud prevention. It delivers a comprehensive approach to stop fraudulent orders and minimize false declines. With ClearSale, online businesses can tailor fraud protection to their specific industry and market needs, ensuring a balance between fraud prevention and customer satisfaction.
13. Ekata
Ekata
Ekata leverages identity verification with its data science-driven solutions to help businesses assess the risk of digital interactions. It provides insights to distinguish between legitimate customers and fraudulent actors.
As an online business owner, you can certainly utilize this tool to improve accuracy in risk assessment and reduce manual reviews.
14. Riskified
Riskified
Riskified uses advanced machine learning algorithms to instantly approve or decline ecommerce transactions. It offers a chargeback guarantee, meaning that merchants are reimbursed for any fraudulent chargebacks on approved orders.
By using Riskified, e-commerce store owners can increase their sales and reduce operational costs with its e-commerce fraud management.
15. Sift
Sift
Sift provides a Digital Trust & Safety platform designed to prevent various types of online abuse and fraud. This tool combines real-time machine learning with a global data network to protect against payment fraud, account takeover, and content abuse, enabling effective order reviews with a fuss.
Given that it ensures a smooth customer experience, Sift is ideal for you if you want to ensure legitimate users are not impacted by stringent security measures.
How to prevent ecommerce fraud?
Ecommerce fraud prevention software runs in the background as the customer visits the online store, selects items, and completes the payment process, ensuring minimal disruption to the shopping experience. Advanced ecommerce fraud prevention tools can timely detect and prevent various types of unauthorized transactions and suspicious activities through data analysis.
While not all fraud protection software cover every touchpoint, robust solutions aim to have all bases covered when it comes to preventing the multiple kinds of fraud that can affect an ecommerce store’s financial health and reputation.
In the evolving world of e-commerce, you need to be vigilant and attentive to stay one step ahead of the attackers. While fraud prevention software are crucial in this regard, these are some of the recommendations that should be followed to protect your customer’s data:
1. Understand the risks
The first step in preventing ecommerce fraud is to understand the types of risks your business faces. Common types of ecommerce fraud include identity theft, credit card fraud, chargebacks, phishing, and account takeovers. By recognizing the tactics used by fraudsters, you can better prepare your defenses.
2. Secure payment gateways
Ensure that your payment gateways are secure and PCI DSS compliant. This means they adhere to the Payment Card Industry Data Security Standard, which helps protect payments data throughout the transaction process.
3. Install SSL certificates
You should also use SSL certificates to encrypt data transferred between your website and your customers. This adds a layer of security by ensuring that sensitive information, such as credit card numbers, is transmitted securely.
4. Multi-Factor Authentication (MFA)
To secure your online store further, implement MFA to add an additional verification step beyond just a password. This could include a text message code, email link, or biometric scan, making it much harder for unauthorized users to gain access to customer accounts.
5. Staff training
To recognize signs of fraudulent activity and to respond accordingly, train your team to detect any malicious act timely. They should be familiar with your fraud prevention protocols and know who to contact if they suspect a security breach. You can even hire a risk manager to help in this process.
6. Customer awareness
As an ecommerce site owner, you should keep your customers informed and updated about potential scams and encourage them to protect their own information. This could include looking up tips on creating strong passwords and recognizing phishing emails.
7. Real-time analysis
Use top-notch fraud detection software to monitor transactions in real time. Look for red flags, such as mismatched billing and shipping information, rapid increases in order size, or orders from high-risk locations.
8. Regular audits
Conduct regular audits of your security systems, transaction data, and ecommerce finances to identify any patterns that could indicate fraudulent activity. This proactive approach allows you to discover any vulnerabilities – well before any attacker exploits them – and adjust your strategies as needed.
9. Stay updated on fraud prevention techniques
The world of ecommerce experience is constantly evolving, so it’s crucial to stay updated on the latest ecommerce fraud protection systems and best practices. This includes software updates, industry news, and changes in regulations. This way, by staying informed, you can tailor your fraud prevention measures to stay one step ahead of fraudsters.
Why choose Ropstam Solutions for secure ecommerce website development?
In today’s day and age, it would not be an embellishment to claim that security is the most important aspect of an e-commerce website. While keeping up with the latest trends is tricky, and it is also a fact that attackers are getting far more innovative, utilizing the ideal fraud prevention software helps you thwart cyberattacks, keep customer data confidential, and safeguard inventory.
At the heart of a successful and secure e-commerce project is a skilled development team with a high level of expertise in this domain. If you are looking for an ideal team for your next ecommerce project, stop searching because Ropstam Solutions boasts an impeccable record in ecommerce website development.
With expertise in utilizing fraud prevention software, our Shopify developers have years of experience in this field. Contact us now to turn your Shopify vision into reality!
