Watch for Fraud this Holiday Season
With the start of the holiday season just a few weeks away, online retailers must not only be prepared for an influx of website traffic, but also potential cybercrime.
To help minimize the likelihood of fraudulent transactions, 3dcart is offering a new application dubbed FraudWatch to its merchants. With FraudWatch, all transactions are accessed based on twelve key indicators. In fact, data such as IP address, bank identification, mailing address and more are measured with an algorithm that calculates risk score. Then, 3dcart merchants are presented with the score in a color-based meter. For example, scores in the green are typically safe, while yellow scores are more likely to be fraud and red represents a high-risk purchase. If an order is deemed high-risk, 3dcart merchants are able to refuse and cancel the order.
It is important to note that FraudWatch serves only as an informational tool, and the ultimate decision to process a transaction is up to the merchant. That said, the tool also offers a Community Alert feature designed to display positive and negative fraud history based on reported information. Merchants can leverage this information to determine if a suspicious transaction is safe based on the experiences of the 3dcrat community. Conversely, if a report suggests a long, positive fraud history based on the collected data, the merchant can decide to refusel the transaction.
The FraudWatch application starts at $9.99 a month. Currently, however, merchants can sign up for a limited-time 15 day free trial of the solution.