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WooCommerce is a powerful eCommerce platform that lets you sell any product online. You’ll be amazed that it accounts for about 33% of the world's online stores.
eCommerce transactions have reached great heights in recent years. But along with this, the instances of online payment fraud have also risen significantly. Such incidents result in loss of revenue & cart abandonments, negatively affecting your business.
WooCommerce is considered a secure platform, however, you need to play your role to protect it from payment scams like card testing, carding attacks, and stolen credit cards. Here are some effective tips that will help you protect your WooCommerce store from online payment scams:
Incorporate fraud prevention tools
Installing software with fraud thresholds can help you limit or prevent high-risk purchases that meet your set criteria. Such tools effectively hold payments that are atypical or raise red flags based on critical factors like IP location or an unusual customer profile. Opting for an in-house solution is a good call for enterprises with high customization needs or dealing with sensitive data. However, it may consume a lot of time & resources. Alternatively, you can choose a third-party solution that ensures fast deployment but is comparatively a costlier option.
Go for a Fraud Prevention & Risk Management Team
One of the most effective ways to prevent fraudulent transactions is by assigning a person or team. This team can review all the transactions on your store and approve or decline ones as per the set rules or guidelines. Such a method can help you assess higher-value transactions and save you from incurring huge losses via scams.
Always Prefer an All-In-One Payment Solution
All the major payment solutions, like WooPayments offer advanced payment processing that aids you in fraud prevention. If you own a small or medium-sized business, an all-in-one payment solution is the best choice as it saves your cost & time. It would be best to choose a payment solution that is backed by machine learning. Such models are trained for decision-making with massive amounts of relevant existing input and output data. This is useful to reject transactions for individuals who have committed fraud in the past.
Filter Transactions With Your Own Rules
Custom transaction filters let you set risk tolerance thresholds for fraud transactions that meet specific criteria. The best part is you can modify these thresholds as per your business needs. You can set filters like shipping address verification, authorized IP addresses, blocked IP addresses, rapid transactions, and transaction amount & volume. Customization of the limits can help you change the “fraud” category as per your preferences. For instance, clothing enterprises might wish to mark excessively large purchases, while a construction wholesaler needs to keep an eye on shipping and billing information.
You need to be vigilant when accepting online payments on your WooCommerce store. Taking simple precautions while accepting online orders can help you avoid falling victim to payment scams. We hope these tips assist you in eliminating the risk of online payment scams. However, you must consider assistance when you face regular security issues on your website.
WordPresswebsite.in is a renowned WooCommerce development company with over 9 years of experience. We have a dedicated team of 40+ developers who furnish top-notch security services and are always ready to help you.
Raise the bar of your WooCommerce website’s security by contacting us!