What level of fraud protection does my business need?

Payment fraud is a challenge for businesses of all sizes. With ecommerce and digital card payments skyrocketing during the COVID-19 pandemic and beyond, it’s become a more pressing issue for a lot of businesses.

In 2020, 4,255 BEC (business email compromise) scams hit small to mid-sized businesses in Australia, a problem that has cost billions in damages around the world. In New Zealand, chargeback rates are relatively low, but experts believe they are growing as a result of rising ecommerce transactions.

Read more: How hackers hack

The biggest hurdle when it comes to addressing payment fraud is that there is no single solution that will work for every business. Different businesses need different levels of fraud protection. How do you know what level of protection is right for yours?

How to simplify fraud protection

The best way to simplify fraud protection is to use the tools your business needs. Whether you’re looking for industry-standard protection or a bespoke solution, the right tools can give your business total confidence in your online payments.

Let’s look at what different levels of fraud protection include so you can make the best choice for your business.

Reliable protection for growing businesses

For businesses that exist outside of heavily regulated industries — such as retail and ecommerce — you should partner with a payments provider that offers all the anti-fraud tools you need to keep your business and your customers’ personal information safe.

At the very least, this should include:

Instant email alerts letting you know when suspicious activity is detected – this empowers your teams to act quickly.
Protocols that automatically block transactions in specific scenarios – for example, if an IP address and credit card address don’t match, or if the transaction comes from a country your business doesn’t sell to.
Built-in risk scores powered by machine learning – this tool will automatically block transactions scored as too risky for your business.
Biometric security options such as device fingerprinting – remotely analyse data to detect patterns of fraud or suspicious activity.
The ability to set your own rules and email alerts.

At Eway, we include a free fraud protection toolkit on every customer’s account (with all of the features mentioned above) to protect your business from fraud.

Learn more: Fraud Lite

Fraud protection tailored to your industry

Depending on your industry, you may need specific tools to meet compliance regulations. A more advanced level of fraud protection makes it possible to tailor the way you screen transactions and set your risk profile based on your industry’s standard.

With industry-based fraud protection, you can:

Set industry-specific rules
Run velocity checks
Challenge transactions

Eway’s Fraud Protection Essentials package is an anti-fraud product purpose-built for businesses that need a more custom approach to fraud protection. For your peace of mind, all of our industry profiles come with a set of precise and predefined rules based on Artificial Intelligence (AI) data sets developed by global fraud specialists, ACI ReD.

You also benefit from full support – we have a global team of 30 expert analysts who work to ensure your ACI ReD Shield solution constantly adapts to shifting fraud patterns.

Learn more: Fraud Essentials

Bespoke anti-fraud solution

At the enterprise level, flexibility is paramount. If your business is fast growing or quickly adapts to new payment trends to enhance your customer experience, you need a fraud detection and prevention solution that can grow and evolve with you.

To get the most out of your solution, you’ll want the freedom to develop custom rules and to use your own data. This level of customisation ensures you can refine your fraud prevention to your current needs and adapt quickly when the threat environment or compliance regulations change.

Enterprise companies also should look for 24/7 monitoring and automatic fraud rule updates. Non-stop fraud surveillance and real time updates ensure you and your customers have peace of mind that you’re always protected.

To make getting custom fraud protection simple, we offer one-on-one fraud consulting as part of our Fraud Protection Ultimate add-on anti-fraud product. You’ll have a dedicated fraud analyst from ACI ReD to help you design and implement fraud prevention rules that are optimised for your business and the current environment.

Learn more: Fraud Ultimate

Taking the complexity out of fraud protection

Our goal at Eway is to help you feel confident running an online business – and to be able to offer that same peace of mind to your customers. We’ve evolved our fraud detection and prevention tools to reflect the latest trends in fraud prevention and will continue elevating our offerings for our customers.

We recently revamped our award-winning suite of fraud protection products, ensuring merchants have the most up-to-date tools to combat common problems such as Card-Not-Present (CNP) fraud and to mitigate the risk of financial loss and reputation damage caused by payment fraud.