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E-BIZ: Tips on How to Protect your eCommerce Store from Payment Fraud
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Tips on How to Protect your eCommerce Store from Payment Fraud
By Rose Salas

BT 201912 EBIZ 04Aside from phishing and hacking, if you accept a fraudulent payment, you could be held financially responsible for the loss, having to deal with fraudulent transactions.
 

Thankfully, there are steps you can take to help minimize your risk and protect yourself and your customers from digital attacks.
 

There are many types of online fraud, but they can be broadly categorized in the following two buckets:
 

近年来,电信网络诈骗案件持续多发,不法分子不断升级犯罪手法,紧跟社会热点,精心策划骗局,针对不同群体量身定做、步步设套,严重危害人们的财产安全。

BT 201912 EBIZ 05Account takeover: Most ecommerce stores provide customers with accounts that store personal information, financial data and purchase history are linked to. Perpetrators often hack into these accounts through phishing schemes. In one of the most common tactics, fraudsters send emails to trick customers into revealing usernames and passwords. They then log into the customer account, change the passwords and make unauthorized purchases. Bots have also been used to obtain confidential information from customers.

BT 201912 EBIZ 06Identity theft: Although most businesses take many precautions to secure customer data, fraudsters still manage to hack into databases and steal usernames, passwords, credit card numbers and other personal information.
 

Hackers often sell credit card numbers to other scammers, who then open accounts with ecommerce merchants and use the stolen numbers to pay for purchases. This type of ecommerce fraud is difficult to detect because many people don’t check their credit card statements thoroughly, and because victims typically have no idea that someone opened an online account in their names.

BT 201912 EBIZ 01Below are some of the best practices for online businesses which want to be proactive about ecommerce fraud prevention.

以下是一些希望积极主动地预防电子商务欺诈的在线业务的最佳做法。

1) Monitor transactions and reconcile bank accounts daily.
每天监控交易并核对银行帐户
 

2) Consider setting limits for purchases.
考虑设置购买金额限制
 

3) Use the Address Verification System (AVS) or IP Address Verification.
使用地址验证系统(AVS)或IP地址验证
 

4) Require the Card Verification Value (CVV).
要求提供信用卡验证码(cvv)
 

5) Get tougher with password requirements.
设定更加复杂的密码
 

6) PCI-DSS Compliance (Payment Card Industry) (Data Security Standard).
检查是否符合支付行业数据安全标准(PCI-DSS)认证
 

7) SSL Certification
SSL认证

BT 201912 EBIZ 08Several factors are responsible for such universal adoption of digital payments in China. The fact that it is backed by ecommerce giants, such as Alibaba and the top tech innovator, Tencent, was the most critical component. Also, as it turns out, having digital cash is a much safer way to handle money in China. It is harder to lose, there is no problem with fake bills and there is almost always a recourse to get money back in case of a fraudulent or shady transactions.
 

Another big reason for wide adoption of digital payments in China is the fact that those platforms integrate seamlessly with bank accounts using real name authentication. This is another reason why the fraud with those systems is rare and much harder for criminals to pull off (although it does happen).
 

Two of the largest Chinese payment systems are AliPay, backed by Alibaba and WeChat Pay, introduced by WeChat maker, Tencent. Although, WeChat Pay was a relatively late comer, it quickly catches up with AliPay in terms of market share.
 

In fact, most Chinese have both AliPay and WeChat Pay wallets and use them interchangeably. Other payment systems platforms have sprung up as well, achieving a fair amount of success, although nothing on the magnitude of AliPay or WeChat Pay.
 

QQ Wallet is a system used by QQ, an ecosystem of apps and digital products by the same Tencent. Baidu has its own system, called Baidu Wallet, which was launched even earlier then WeChat Pay.
 

Out of non-Chinese payment systems, only ApplePay has reached some degree of recognition, although it enjoys much less popularity. Since it uses NFC technology, it often cannot be used with more popular Android phones. QR code based Chinese payment systems of AliPay and WeChat Pay is much more flexible as they don’t require any special reading devices besides a simple camera.
 

AmazonPay, PayPal and others remain relatively unknown and are unlikely to gain any meaningful market share in China. One of the issues with those platforms is high transaction fees when funds are withdrawn back to a bank account. AliPay and WeChat Pay don’t charge anything for the amounts that most people use them for (some fees start to kick off when a certain transaction limit is reached).
 

Here is the chart put together by Statista.

BT 201912 EBIZ 07

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