With identity theft at an all-time high, it is crucial for online merchants to protect themselves from fraud. Learn how to detect signs of fraudulent activity and implement fraud prevention strategies to protect yourself from con artists.
Early detection of fraudulent activity is crucial to the well-being of your business. Con artists shy away from preying on merchants with proactive fraud prevention tactics in place.
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Detect Signs of Fraudulent Activity
Protect your business by watching for signs of fraudulent activity. The most prevalent forms of suspicious activity include orders for multiple high-end products, bulk orders for products that are rarely bought in large quantities, several orders placed by the same customer in a short period of time, international orders, and a large number of orders placed before you begin advertising.
Con artists try to obtain as much merchandise as possible within a short period of time. A credit card con artist will try to fit in as many orders as they can before the credit card owner notices that their card is missing. Con artists generally follow two strategies when placing fraudulent orders.
They either order multiple big-ticket items in one order or initiate multiple orders each containing one high-end product. Anytime that you run across unusually large orders or bulk orders that contain a product that is generally not bought in large quantities, it is worth taking time to investigate the order.
Unfortunately, international orders are often a cause for concern. Foreign laws regarding fraud differ from U.S. law, which makes it difficult to recoup your losses. International orders warrant extra scrutiny, especially if an order contains a big-ticket item or multiple products.