us

216.73.216.23

Fraud Protection services for Online Retail Businesses

online retail businesses

Online Marketplace faces Chargeback issues

Fraud Protection Services are an integral part of retail businesses that are constantly looking out for fraudulent customers. They have to be wary of the consumers looking to dupe the retailers by making purchases and then demanding chargebacks. This can incur huge losses to online businesses and virtual retail markets.

Looking at these statistics, the question arises that how these scams are committed and how may they be prevented. Fraudulent customers may commit card-not-present frauds using stolen credit cards or illegally acquired details about someone’s accounts. In cases like these, it is essential that retailers install credit card fraud prevention services from a known provider. KYC compliance is the first and foremost step if this problem needs to be curbed.

What can be a feasible solution?

The most viable solution for this rapidly growing problem would be to avail quick and accurate business verification services, like Shufti. This quick process allows the businesses to perform digital KYC, ensuring that the card indeed belongs to the person in possession of it. Moreover, a trust is developed between the regulars and the original business. The customer-base of the business will be assured that all clients are the true ones, and that the business is taking apt measures to make sure only true buyers can make a purchase. This will ensure a long life for the business, as risk of going out of business due to elevated chargeback frauds is minimised.

Shufti acts as a sentinel against the false customers as well as a flare that indicates that the client pool of a company is clear of fraudsters and scammers. The secure business process will attract more consumers owing to a refined screening process that takes customers on-board.

Recommended For You:

Related Posts

Blog

How eIDAS 2.0 Will Reshape Identity Verification Across the EU

How eIDAS 2.0 Will Reshape Identity Verification Across the EU

Explore More

Blog

When Identity Verification Systems Fail, Everyone Pays the Price

When Identity Verification Systems Fail, Everyone Pays the Price

Explore More

Blog

How Identity Verification Secures Trust and Stops Fraud in e-Commerce?

How Identity Verification Secures Trust and Stops Fraud in e-Commerce?

Explore More

Blog

Why High-Risk Transactions Need Real-Time Identity Verification

Why High-Risk Transactions Need Real-Time Identity Verification

Explore More

Blog

How Does Layering in Money Laundering Work and How to Stop It?

How Does Layering in Money Laundering Work and How to Stop It?

Explore More

Blog

What Does Integration in Money Laundering Mean?

What Does Integration in Money Laundering Mean?

Explore More

Blog

What is Placement in Money Laundering

What is Placement in Money Laundering

Explore More

Blog

How eIDAS 2.0 Will Reshape Identity Verification Across the EU

How eIDAS 2.0 Will Reshape Identity Verification Across the EU

Explore More

Blog

When Identity Verification Systems Fail, Everyone Pays the Price

When Identity Verification Systems Fail, Everyone Pays the Price

Explore More

Blog

How Identity Verification Secures Trust and Stops Fraud in e-Commerce?

How Identity Verification Secures Trust and Stops Fraud in e-Commerce?

Explore More

Blog

Why High-Risk Transactions Need Real-Time Identity Verification

Why High-Risk Transactions Need Real-Time Identity Verification

Explore More

Blog

How Does Layering in Money Laundering Work and How to Stop It?

How Does Layering in Money Laundering Work and How to Stop It?

Explore More

Blog

What Does Integration in Money Laundering Mean?

What Does Integration in Money Laundering Mean?

Explore More

Blog

What is Placement in Money Laundering

What is Placement in Money Laundering

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started