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How To Fight Frauds In Magento E-commerce Websites

Online fraudulent behavior costs businesses dearly. The incidences have only increased over the years, and studies have revealed that globally, about $4 trillion of revenue is lost to fraudulent practices on E-commerce websites annually. The behavior is common not only among the independent online websites but also on those that depend on E-commerce platforms such as Magento. Magento development services, therefore, now more than ever, need to be inclined towards ensuring security and combating online frauds.

Magento is the leader in the industry when it comes to E-commerce web application development. The open-source innovation platform is a trusted and established one in the E-commerce industry. Recently, recognizing the need for enhanced security of transactions over its platform, Magento teamed up with Signifyd, revealing that the latter's machine learning and financial protection is now natively available in Magento E-commerce platform's latest version.

How Magento and Signifyd Are Combating Frauds

Signifyd's machine learning algorithm helps users determine within milliseconds if an order is legitimate or fraudulent by searching and analyzing a huge database from 5,000+ merchants and data points from third-party integrations with data providers. This verified dataset of fraudulent orders allows the platform to approve and reject orders based on several factors. The process was otherwise impossible for merchants to carry on at their end.

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Magento Ecommerce Web Design Trends

Signifyd is a SaaS-based enterprise fraud detection technology solution that is used specifically for E-commerce stores. The platform provides Guaranteed Fraud Protection by eliminating the malicious buyers that merchants would not like to entertain. The move is also seen as a respite against the growing issue of “false declines”, where the orders are turned down for the fear that they are fraudulent when actually they were placed by legitimate customers. This loss is more than the total cost of the orders placed because the cost of losing all these legitimate customers for life cannot be calculated.

Magento issued statements saying that the integration will help their merchants improve the customer experiences and will allow them to thrive in the E-commerce market.

How Can You Help Yourself From Frauds

While Magento has upscaled at its end, there are some steps that Magento E-commerce store operators and businesses can take to remain fraud-proof.

E-commerce frauds are on the rise, and these are some ways in which they can be tackled on the Magento development platform.

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