According to an “Online Payment Fraud” study conducted by Juniper Research, by 2024, e-commerce merchants will lose close to $24 billion to online payments fraud. Fraudsters are also developing increasingly sophisticated fraud attacks.
E-commerce merchants must prioritize and take more proactive steps to detect and also prevent e-commerce fraud. By taking the time and money to invest in the most effective e-commerce fraud prevention solutions, they can ensure that not only will their customers be protected, but their bottom line as well.
Protect Your Shopify Store With Bankful Fraud Shield
A transaction that has not been authorized by a customer is fraudulent. Fraudulent transactions mean chargebacks, which ultimately mean a loss of profit for the merchant.
E-commerce fraud is any type of fraud that takes place within an e-commerce platform. The act of using a fake or stolen credit card, affiliate fraud advertising, or using a false identity, are all considered e-commerce fraud.
The best course of action is for merchants to invest in a high-quality fraud detection and prevention management system in order to eradicate fraud on your site and to lessen the impact on your revenue.
Fraud Shield is Bankful’s latest app and is a Fast payment and a Complete Fraud Solution All-In-One. Utilizing a massive network that has been built over 12 years of experience and working with 6,500 merchants throughout a myriad of industries, has resulted in billions of transactions. These transactions that have been fed into models instantly identify different forms of fraud.
Bankful’s AI is able to detect new and “emerging” payment fraud attacks well before merchants are slammed with chargebacks. It allows an instant response that is required for a fast-moving, digital business.
Available for every Bankful merchant, Fraud Shield includes:
- Statistical Fraud Scoring – this guarantees you have the data necessary to make “educated risk assessments.” By using the Omniscore System, greatly reduces false positives and boosts your revenue.
- Customizable Rule Strategy – Since you know your business best, you have the flexibility to create your own rules. It is designed to solve the most complex fraud cases.
- Geo-location Technology – You can easily bar transactions from high-risk countries. By using integrated technologies such as Geo-location, Mobile Device Signals, and Proxy Piercing, you are able to carry out “automated decision-making”.
There is a Free Plan and a Monthly Plan.
The Free Plan allows the first 250 transactions for free. You can evaluate your transactions and get risk recommendations of a low, medium, or a high risk of fraud.
For the Monthly Plan, it is $10 per month. You can evaluate your transactions and receive risk recommendations. You are also able to customize risk thresholds and set rules.
How To Install Fraud Shield Into Your Shopify Store
Installing Bankful’s Fraud Shield into your Shopify store can be done easily in less than a minute. First, you need to ensure that you are already logged into your Shopify store. Then, take the following steps:
- Go to the Shopify App Store.
- In the search bar at the top of the page, type in Fraud Shield.
- Take a look at your search results and find Fraud Shield. Click on it.
- You will be directed to the Fraud Shield App page.
- Click on Add App.
- The next page will inform you that you are about to install the Fraud Shield App. Click on Install App.
- You will be directed to the Credentials Page. Have your username and password for your Bankful merchant account ready. Click on “Already Have a Bankful Merchant Account”.
- Enter username and password and click on Login.
- That’s it! The app is now installed and ready to use!
Fight Fraud With Bankful’s Fraud Shield
Fraud Shield is a powerful engine that enables you to refine fraud detection that will best suit your particular business’s needs.