A staggering 92% of online store fraud occurred through the use of credit cards. Criminals and fraudsters are purchasing stolen credit card numbers in massive packs so they can attack eCommerce websites that are not set up with proper fraud detection tools. These transactions are sometimes known as velocity attacks and contribute to the estimated $20 billion in global losses.
Why should this matter to you as an eCommerce storefront owner?
It is only a matter of time before some careless attacker turns their attention toward your store and begins levying brutal transactions against you and your payment processor or merchant. That can cost you thousands of dollars and ruin a small business that is not prepared.
Let’s go over how to avoid this scenario by learning more about velocity attacks and how our powerful Anti-Fraud plugin from OPMC can help protect your online store.
What is a Velocity Attack?
In its simplest form, this is when you receive hundreds or thousands of transactions against your merchant account from someone running endless credit card numbers via bots.
Confused? Don’t worry. Let’s run through a scenario.
Tom is a store owner of a custom pet clothing eCommerce store. He started small with a few hundred dollars in sales per month and now has capitalized on a niche target market interested in sequin pup outfits to earn thousands per day.
This has made him more of a target because fraudsters know there is money to be made. So Tom closes his laptop for the day and heads to bed for a well-deserved rest. This is when the attacks begin.
Throughout the night, a fraudster uses automated tools to send thousands of transactions from stolen credit cards through Tom’s storefront. By the time Tom wakes up, he receives an email from his payment provider with a massive bill for all those transactions, including the ones that didn’t work.
Run the math and you can see the problem. If your merchant charges $0.50/transaction and you get 1,500 fake credit card runs, that is $750 in a single night. Now, what if that happens for a whole month? We’re talking $22,500 or more in lost revenue.
Imagine going to bed feeling like you have finally created a success, only to wake up with a massive bill threatening your business’s cash flow. What is worse, now you have to navigate all of those bad transactions and weed out any from actual customers who will expect a delivery for their favorite pet.
How Does Our Anti-Fraud Plugin Help?
As sophisticated as these fraud tools can be, there are powerful scam checks and fraud prevention plugins available to prevent this scenario from happening. That includes our Anti-Fraud Plugin from OPMC.
We integrate extra verifications inside your sales forms with a smooth WooCommerce integration. This adds devices like a reCAPTCHA process to your checkout form.
These are the little boxes you have to check to “prove you are a human” or “demonstrate you are not a robot.” As advanced as these fraudster automated bots can be, they cannot differentiate pictures as of yet. That is why you sometimes see similar plugins asking you to identify all the bridges in a set of photos as an example.
This Anti-Fraud Plugin creates a space between the final checkout where you will be charged something like $0.50 per transaction and the point where a button can be clicked. It essentially hobbles the ability of these automated bots to fill out your payment forms by shutting them down before they can complete the transaction.
The Benefits of a WooCommerce Anti-Fraud Plugin
Yes, this powerful Anti-Fraud plugin will help with fraud protection on your WooCommerce online store. But other benefits ensure a longer-lasting defense against fraudsters and others that would try to take advantage of your success, including:
Order Rating
Every one of your orders receives an automatically generated score based on location data, IP address, and other factors. The higher the score, the more likely the order will be fraudulent and blocked.
Proactive Pauch/Cancel
Whenever an order’s score exceeds the settings you define, this WooCommerce Anti-Fraud plugin will pause the order and notify you. This gives you more power over decision-making, so you won’t wake up with a $1,000 merchant bill from a single night like our example with Tom.
Alerts for Location-Based Orders
If you frequently get orders from territories or countries you do not trust or serve, this Anti-Fraud plugin can send you automated notices. You can also set specific countries on a blacklist that you do not want access to your payment forms.
The list goes on and on. You can block repetitive IP addresses, engage a reCAPTCHA tool, detect if orders were placed through proxies, require PayPal verification, and so much more.
Where to Learn More
OPMC is a leading industry provider of robust plugin tools for WooCommerce and online store platforms. This includes an Anti-Fraud Plugin designed specifically to prevent and block velocity attacks from your eCommerce storefront.
We know how to craft superior solutions for fraud prevention and are so confident in their ability to perform that we use them ourselves.
Being able to put an end to unwanted fraudster attacks is an excellent stress reliever so you can spend more time focused on expanding your products, building customer relationships, and automating the backend of your eCommerce business.
Reach out today and experience the difference of a simple solution to stopping velocity attacks and pick up the powerful Anti-Fraud Plugin from OPMC for your WooCommerce store.
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This powerful Anti-Fraud plugin will help with fraud protection on your WooCommerce online store.
