Every time a customer files a chargeback, you lose money. That’s why it’s important to protect your store from shopify fraud prevention
Thankfully, Shopify fraud prevention helps to lower the number of chargebacks you receive. Its Fraud Protect service analyzes incoming transactions and flags suspicious entries that have a high likelihood of resulting in a dispute.
If you choose to take advantage of Fraud Protect, your business will pay a fee for each protected order and if there is a fraudulent chargeback, you’ll be reimbursed the total amount of the payment and the chargeback fee by Shopify. You’ll also have the option to manage disputes for any fraudulent charges on orders that are covered by the service.
There are a variety of fraud and chargeback protection tools available on the Shopify app marketplace. These apps work seamlessly with the platform to provide an added layer of security – and peace of mind.
One of the most popular tools is FraudBlock. This app automatically cancels and restocks high-risk orders on your Shopify storefront, saving you time. It also prevents merchants from getting hit with chargeback fees because it immediately cancels fraudulent orders upon receipt.
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Another good fraud prevention tool is Signifyd. This solution uses machine learning, big data, and expert reviews to identify suspicious transactions. It also offers account takeover protection for your ecommerce store.
Ideally, your fraud and chargeback protection should use a combination of shopper data enrichment, social media lookup, and data verification to accurately identify fraudulent transactions and prevent them from hitting your bottom line. These features ensure that you can make informed decisions about whether to accept a transaction or reject it.