eCommerce fraud costs the retail industry $50 billion annually, but it’s not always obvious how to combat these issues. Ethoca is a blockchain based solution that can help small and large businesses fight online theft in real-time.
Ethoca is a company that specializes in security for eCommerce. They offer two products, verifi and ethoca. The product “verifi” is an API key management tool that helps merchants to secure their API keys. With the help of this tool, merchants can ensure that their customers are not getting access to unauthorized apps or services. Meanwhile, the “ethoca” is a fraud prevention service that works with retailers’ payment gateways to provide protection against credit card fraud.
E-commerce has started to generate millions of dollars, with the number of online retailers and, as a result, more customers increasing year after year. With the introduction of several platforms for building websites from the ground up for online shopping, as well as the ever-increasing trend of online buying, now is the greatest moment to showcase your unique product or service. But no one claimed they didn’t have their own set of problems. It’s essential to be aware of the potential hazards of online sales — fraudsters – before launching an internet company. In this essay, we’ll go through how to use Ethoca to protect yourself against fraud. You should focus on marketing your company, and Ethoca will handle the dangers and safeguard eCommerce fraud.
What Is Online Fraud and How Can It Be Prevented?
We often hear about theft, crime, and other things in the news that cause our blood to freeze in our veins. But why isn’t anybody discussing electronic fraud, which may be even more dangerous? Any kind of illicit online transaction, fraud, or theft of unpaid items using other people’s data and cards is referred to as online fraud. Fraud occurs in a variety of shapes and sizes, and it may affect both consumers and merchants of all sizes. Fortunately, much as police protect us on the streets, Ethoca services protect us against rampant eCommerce fraud.
Ethoca – The Most Effective Way to Prevent Ecommerce Fraud
There is a response to every action. Now we’ll go through the most common forms of fraud and how to avoid them using Ethoca and a MaxPay Account!
The fraudster purchases things via the Internet, then phones the bank to tell that the card was stolen and that he did not make the transaction. They demand that the vendor return the money, and if the seller refuses, they file a chargeback complaint. In fact, similar situations might arise when someone takes the information of others.
We recommend opening an account with MaxPay to eliminate the chance of fraudsters using other people’s cards, since this gate payment requires the customer to undergo a comprehensive identity verification to ensure the data is valid. MaxPay takes money and processes payments in USD and EUR and works with a variety of marketplaces in Europe and beyond.
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Chargeback for items received
The method is extremely straightforward in this case; the customer orders the goods and then pays for it. The vendor delivers the products to the customer, who confirms that he did not get them when they arrive. He initiates the chargeback procedure, which has a negative impact on your open account’s reputation among other banks.
Use Ethoca’s anti-fraud devices to keep yourself safe. Ethoca’s experts are experts in their fields and will be able to prove your case in the event of a disagreement. Scammers and dishonest customers will be less likely to refund their money for a decent service if you use Ethoca. These are the two most common forms of fraud, although there are more. Use Ethoca’s anti-fraud technology to prevent eCommerce fraud. Visit their official website for additional information.
What Kinds of Business Risks Are There?
There are several hazards associated with the various forms of fraud. Fraudsters may manipulate the situation such that you lose your reputation, lose money, and never get the items. To reduce dangers from the beginning, you must use Ethoca’s tools, which we shall discuss later, to defend yourself. If you take it seriously, the fraudsters will not be able to acquire your money.
Ethoca is a platform that allows merchants to securely accept payments. It also offers fraud prevention tools and more. Reference: ethoca merchants.
Frequently Asked Questions
What is Ethoca fraud?
A: Ethoca is a website where you can purchase digital items, such as in-game currency and skins for games like Fortnite. They are considered to be the largest scam on the internet because they do not deliver what was promised.
How do ecommerce deal with fraud?
A: Ecommerce businesses typically have a fraud department in which they use to identify and resolve cases of fraudulent activity. After identifying an order as fraudulent, the product is either cancelled or returned with a refund issued accordingly.
How do you protect against chargeback fraud?
A: There are multiple ways to protect against chargeback fraud, but the most common is by having a longer time limit for refunds. For example, if you only have a seven-day window after purchasing an item or service before it becomes nonrefundable
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