Posts Tagged ‘fraud protection’

Dydacomp News: SMB Merchants Increasingly a Target of Fraud

Tuesday, January 31st, 2012

Posted By: Dydacomp Staff

Fraud protection and increased security measures are more important than ever in today’s busy eCommerce marketplace. Even eCommerce giants, like Zappos, can fall victim to a security breach which often come at a high expense and can have a negative effect on brand image. Protect your business from security breaches and fraudulent transactions by taking important proactive measures to prevent issues from arising.

Dydacomp CEO Fred Lizza recently wrote an article for Retail Online Integration  offering a number of valuable tips for small and medium-sized business on how to avoid fraudulent orders and ensure the integrity of their eCommerce businesses.

“It’s estimated that small and medium-sized businesses (SMBs) lose upwards of $66,000 annually through fraud. An increased awareness of fraud among large merchants has forced fraudsters — those individuals who perpetrate crimes against retailers — to switch their attention to small businesses that provide an easier target because of the lack of safeguards they have in place….”

Click here to continue reading the full and learn how to prevent fraudulent orders from hurting your business.

Tags: , , , ,

Posted in CEO, Dydacomp News, Ecommerce, Multichannel Order Manager | No Comments »

Combat The Growing Threat of Fraudulent Transactions

Thursday, December 15th, 2011

Posted By: Dydacomp Staff

Dydacomp announced best practices retailers can implement to more closely monitor their inventory and safeguard their revenue from the expanding threat of fraudulent online orders. According to the 2011 CyberSource Online Fraud Report, more than one percent of all online transactions are potentially fraudulent orders which could equate to a significant impact on revenue and inventory.

Like a major data breach, fraudulent orders not only impact the bottom line but can also severely damage a retailer’s brand. Fraudulent orders deplete inventory and force merchants to be hyper vigilant with their ordering processes – resulting in less product available and a hassle for customers. Additionally, most card-issuing banks will side with the consumer, whose card data was used in the transaction, and refund them. But the merchant will not receive compensation for loss of inventory or revenue.

“Out of the $4 billion that our clients process on an annual basis, an estimated $48 million is at risk to fraudulent orders. In addition to this lost revenue and inventory, merchants suffer brand damage, which can be more costly in the long run. This is why we’ve focused on fraud protection in our latest version of Multichannel Order Manager,” said Fred Lizza, CEO of Dydacomp. “As smaller-sized businesses are increasingly becoming the target of fraudsters, there are steps that they can implement to detect fraud and protect their business.”

According to the CyberSource report, large online merchants protect their businesses daily from fraud by using up to eight automated and manual tools to detect and prevent fraud. But small businesses lack the resources in capital and human resources to implement those same mechanisms. The following best practices can help minimize vulnerabilities and reduce fraudulent orders:

  • Activate fraud prevention tools in the payment process and back office systems and create processes to review those orders that contain certain indicators of fraudulent activity.
  • Require card identification (CID) information – the extra three or four digits used for security on all credit cards – and address verification on all orders paid by credit card. Doing so typically ensures the buyer actually has the card in his hand and is shipping to the address associated with the card holder. Where it’s a separate ship to/gift to address, collect bill to address to verify authenticity.
  • Review past orders that have been fraudulent to identify the themes that are specific to your business.

Small businesses should also look closely at orders that contain any of the following to prevent fraud:

  • As electronics are the number-one products associated with fraud, review all electronic category orders.
  • Review orders shipping internationally.
  • Search for orders without a CID number or a CID that doesn’t match the credit card number.
  • Orders that are significantly larger than the average order size.
  • First time buyers.
  • Overnight requests

 

Tags: , , , , , , ,

Posted in Dydacomp News, Ecommerce, Multichannel Order Manager, Press Release | No Comments »

Learn About M.O.M. v8’s Powerful Capabilites

Tuesday, October 11th, 2011

Posted by: Molly Griffin, Marketing Associate

Miss the M.O.M. v8 webinars last month? Still interested in learning about the new features in M.O.M. v8? Join us for a live M.O.M. v8 webinar tomorrow October 11,2011 at 2pm EST. We’ll show you how you can achieve a significant return on investment as we walk you through our new API, fraud protection, Amazon Marketplace connection, PCI compliance, customized invoices, and much more.

Title:  Get the Keys to Drive Your Business with M.O.M. V8

Date: Wednesday, October 12, 2011

Time: 2:00pm-3:00pm EST

Register at: https://www1.gotomeeting.com/register/694958624

By attending this Webinar, you’ll discover how you can:

•  Connect to virtually any ecommerce shopping cart or 3rd party system to free internal resources and expedite accurate order fulfillment
•  Carve out suspicious transactions so you can protect your bottom line by catching fraudulent orders before they ship
•  Compete with the largest ecommerce retailers in the market
•  Ensure that your customer data is safe and that your business meets PCI requirements
•  Accelerate revenue growth by opening up the business channels available to you in order to reach 130 million potential customers
•  Take advantage of new system flexibility to customize your invoices, utilize paperless invoicing, enhance General Ledger exports, and more
•  Receive 30% off the cost to upgrade directly to M.O.M. Version 8 in October

Interested in learning more information about the new API in M.O.M. v8? Check out the API webinar on demand to learn how you can use the API to connect M.O.M. with your eCommerce Platform of choice.  This webinar will teach you:

  • The basics of the MOM API and what it can do for you
  • The key API functionality
  • How to access the API and communicate with 3rd party systems
  • What sample code looks like to make a connection

Tags: , , , , , , ,

Posted in Ecommerce, Multichannel Order Manager, Support, Webinar | No Comments »