Can you believe the holiday season is just around the corner? According to October surveys from the National Retail Federation, estimates for 2018 holiday season sales range from $717.45 billion to $720.89 billion. This will be an increase of roughly 4.5% from the year before. Of those holiday sales, more than $125 billion will be generated online.
As more people take advantage of the conveniences of shopping online to complete their holiday gift lists, it’s important for internet retailers to pay close attention to the latest security threats that could potentially impact them. Scammers are growing more sophisticated all of the time, and they will develop new cyberattacks based on new vulnerabilities they discover.
This year, for example, security experts are warning the public about a hacking practice involving social media ads. They basically will create a fake business and use social media advertising to get users to click through to their fake store where they can then buy goods that aren’t actually available to buy. When the social media user submits their information to purchase the good, the scammer will steal that information and run up as many charges as possible.
Online retailers must pay close attention to their fraud and risk management infrastructure to ensure they are not susceptible to fraudulent charges. Cyberattacks could result in chargebacks and unauthorized payments that could end up costing these businesses significantly in the long run. Luckily, there are ways for online retailers to fight back and protect their customers and own financial interests.
Online Fraud Prevention Services from First Atlantic Commerce
At First Atlantic Commerce, we specialize in online fraud prevention services that help retailers identify and prevent unauthorized charges and fraudulent activities from occurring. Our online fraud prevention services include our North American Address Verification Services (AVS) and Card ID Verification, which screens and processes transactions in real-time to protect North American customers in the event their identities are stolen. Our cGate®SecureVerify solution is based on 3-D Secure™ technology and offers businesses security from fraudulent card charges. Finally, we have made Kount, the premier e-commerce security platform for CNP environments, available via the First Atlantic Commerce Platform.
We have developed these online fraud prevention services because we understand how important it is for your business to mitigate security risks and defend against new threats that are emerging daily.