Fraud Prevention Tools You Need to Embrace in Your Online Business

Fraud and identity theft still cause a lot of headaches to both consumers and business owners. In fact, last year alone, at least 49 million American consumers became victims of fraud and a total of $56 billion was lost due to these crimes.

According to research, $13 billion were lost due to traditional identity theft while the other $43 billion was due to more complex identity theft scams.

As an online business owner, it’s one of your responsibilities to understand what payment fraud is, and to protect your customers from being victims of fraud and identity theft by embracing these tools:

• net.This fraud prevention tools has most of the things that you need to protect your business and your consumers’ information. Fraud.net’s extensive suite of solutions includes collective intelligence, AI/deep learning, case management, analytics and 3^rd party plugins that all have the goal o helping you secure your website against fraud and scams.

This will help give your consumers the peace of mind that they can safely shop on your website without worrying that their identification might be stolen.

• This online fraud protection platform is one of the most comprehensive solutions you’ll see in the market today.

In fact, it is trusted by some of the biggest brands in the world including Sony, Walmart and Chanel because it offers high level of protection and low false decline rates. ClearSale was also the first fraud protection tool to offer chargeback guarantee when it started in the early 2000s.

• SEON is known as an effective fraud detection and prevention tool because of its many features including an easy to integrate platform with your existing system, an intuitive control panel, a real-time data engine and its user-friendly pay-as-you-go plans.

SEON is efficient at preventing attacks, removing suspicious accounts and detecting fraudulent transactions.

• Another smart fraud prevention tool that’s used by hundreds of the world’s largest brands, Riskified boasts of its powerful machine-learning algorithms that help protect businesses from losing millions with its unique ability to recognize good customers and instantly remove the bad ones.

This tool also offers 100% chargeback guarantee and it allows merchants to grow their business internationally while keeping their fraud rates as low as possible.

• Xceed is another cloud-based fraud prevention platform that helps businesses stay compliant with security standards with its full suite of features. This tool doesn’t only offer protection for your consumers and your business, but it also has self-learning abilities that allow it to adapt to new fraud techniques and attacks modes.

Of course, you can’t forget about finding the right merchant provider to not only help you process transactions faster but also make sure that your system is secure at all times for the protection of your customers.

Fraud prevention tools are now necessary for online businesses, so never think twice about investing in the tools that will help you protect your business and give peace of mind to your consumers. Give these tools a try and see which ones fit your business best.