There is virtually no substitute for Ecommerce payments. Consumers want the convenience of paying for goods and services without leaving their home. Online sales in the United States are expected to reach $523 billion in the next five years, up 56% from $335 billion in 2015, and mobile devices are expected to be a key driver in that growth, Forrester Research Inc. says. And for non-profit and faith-based organizations, donations online are the preferred method of payment – particularly in times of crisis.
As a result of this exponential growth, Ecommerce payment transactions have become a huge target for fraudsters. Unfortunately, the signs that someone is trying to use a stolen credit card or make a fraudulent transaction are not always easy to spot. Below are some best practices to incorporate as part of your company’s fraud protection plan.