As a business owner, it’s essential to understand the various payment methods available for your online store and the potential risks associated with each one. For example, credit cards are a popular choice for ecommerce transactions, but they are also vulnerable to fraud and card testing attacks. Recently, the payment processor Stripe released a statement confirming a massive increase in credit card testing fraud attacks.
While anyone owning an ecommerce business is aware of potential hacks or fraudulent activity, it is always a little nerve wracking when one of the largest payment processors is experiencing the same kind of attack. Stripe admitted they block more than 20 million attacks from bots and fraudsters every single day most them are credit card testing frauds. That costs both the shop owner and the company millions of dollars in lost revenue. So, how do you protect against this attack and ensure your online store is defended?
What is a Card Testing Fraudulent Attack?
Card testing frauds are a type of fraud that involves criminals attempting to determine whether a credit card number is valid by making small, unauthorized charges. These attacks can be challenging to detect because the charges are often for small amounts and may not be noticed by the cardholder. However, they can add up and cause significant losses for businesses.
To protect against card testing attacks and other types of fraud, it’s important for businesses to have robust anti-fraud measures in place. Stripe offers several features to help prevent fraud, including advanced fraud detection algorithms and the ability to set spending limits and block suspicious transactions.
The problem is you want more layers of protection than what is offered by a payment processor. It would help if you thought of anti-fraud measures in ecommerce as a multilayered onion. The more defence rings you place around your online business, the better you’re protected against potential revenue loss.
How Do You Improve Your Anti-Fraud Measures?
There is no 100% sure-fire way to stop all fraud from touching your online store. It is all about building a strong enough net of protection to lower the risk or damage of anything getting through. You can do this by:
- Use a reputable payment processor like Stripe: Choosing a reputable payment processor can go a long way in protecting against fraud. Look for processors that offer advanced fraud detection and prevention features.
- Enable two-factor authentication: Two-factor authentication adds an extra layer of security by requiring users to provide a second form of authentication, such as a code sent to their phone, in addition to their password. This can help prevent unauthorized access to your online store.
- Use anti-fraud plugins: There are several plugins available for WooCommerce that can help prevent fraud, such as the WooCommerce Anti-Fraud plugin from OPMC, which uses advanced algorithms to detect and block fraudulent transactions.
- Monitor transactions regularly: Regularly reviewing your transactions can help you identify any suspicious activity and take action quickly to prevent further losses.
- Train your team: Educating your team on the signs of fraud and best practices for preventing it can help ensure that everyone is vigilant in protecting your business.
In addition to these preventative measures, it’s also essential to have a plan in place for handling fraudulent transactions if they do occur. This should include procedures for refunding customers and recovering any losses.
The Power of OPMC
If you own an online store powered by WooCommerce, it’s important to take steps to protect against fraud and credit card testing attacks. These attacks can be difficult to detect and result in significant losses for your business.
One way to help prevent and protect against stripe card testing fraud is to use the Anti-Fraud for WooCommerce plugin specifically designed by our experienced team at OPMC. This plugin uses advanced algorithms and other features to identify and block suspicious transactions before they can cause harm to your business.
Every transaction is given a weighted score of how potentially risky it is based on where it is originating, the type of user placing the order, the frequency of ordering, the size of the order, and more. This creates a curve where an advanced system can better determine what is safe and will generate sales and what is potentially dangerous and costs money to repair.
In addition to protecting against fraud, using an anti-fraud plugin can also save you time and resources by automating the process of detecting and blocking suspicious transactions. This can allow you to focus on running and growing your business rather than constantly worrying about potentially fraudulent activity.
You can learn more about our custom WooCommerce plugins by visiting our online store. The fact of the matter is, the more peace of mind your customers have at checkout, the better your experience and brand engagement. This will lead to more sales and return business, and our custom plugin can help!
Protect yourself from credit card testing and other common ecommerce frauds, and download our plugin today!
Download WooCommerce Anti-Fraud today
WooCommerce Anti-Fraud assigns a score to orders as they are placed. The higher the score, the higher the risk of fraud.
