Businesses need to use every tool at their disposal to fight criminals and criminal activity, like fraud. This is especially true for online businesses that use popular e-commerce platforms – criminal activity can take many forms, and fraud that targets online stores is quite popular. It’s also incredibly damaging to the business’s bottom line, and protection is needed to keep it at bay.
Fortunately, there is good news – as the criminals evolve, so too do the tools to defeat them. Today, popular e-commerce platforms offer plugins that use machine learning and AI to detect and prevent fraudulent activity. Businesses just need to know about them and use them, so we thought we’d help with that by highlighting the top plugins and features for the most popular commerce platforms in South Africa, namely Shopify, WooCommerce, and Magento (now Adobe Commerce).
Some are free, some are paid, so it’s up to the individual online store owner to decide how much they’re willing to spend on this protection.
Shopify fraud prevention plugins
Chargebacks happen when a customer disputes a charge on their credit card and asks their bank to reverse it; while it’s a legitimate function, it can be abused by fraudsters who could claim they never received the product they paid for and have the charge reversed, even though they did receive their goods. These plugins and features of Shopify can help stores not fall prey to this tactic.
Shopify Fraud Analysis: This built-in tool uses AI to closely check orders and highlight potential fraud risks before the worst can happen. It evaluates several factors, including transaction patterns and IP addresses, making it easier for merchants to spot and address suspicious activities.
Signifyd: Providing real-time fraud protection, Signifyd analyses orders and offers a guarantee against fraudulent chargebacks. Its machine-learning capabilities enable it to adapt and respond to evolving fraud tactics.
Riskified: An AI-driven platform, Riskified reviews and approves transactions, providing full protection against chargebacks. It’s designed to make instantaneous, accurate decisions on transaction legitimacy.
NoFraud: This plugin screens transactions in real-time, delivering immediate pass/fail decisions. NoFraud offers chargeback protection and integrates seamlessly, reducing the need for manual review.
WooCommerce fraud prevention plugins
WooCommerce Anti-Fraud: This extension quickly detects potentially fraudulent transactions. It scores each order based on various risk indicators, helping merchants to make informed decisions about transactions on their sites.
FraudLabs Pro: This tool focuses on analysing transactions for fraud and assigns risk scores to each, helping to identify and mitigate potential threats. The free version of the plugin limits you to 500 transactions per month; the bigger your transaction volume, the more FraudLabs Pro will cost (see their pricing page for details).
Magento fraud prevention plugins
Signifyd Fraud & Chargeback Protection: This tool provides risk assessments for transactions and protects against fraudulent chargebacks. Its integration with Magento ensures a smooth user experience, but a Signifyd account (and payment for its use) is required for it to protect your site.
Magento Fraud Protection by Riskified: Offering instant decisions on transactions, Riskified for Magento automates the review process, backed by artificial intelligence and machine learning technologies that accurately approve or reject transactions.
Kount: Kount’s integration with Magento enables real-time evaluation of fraud risks, using advanced AI to make precise risk assessments.
FraudLabs Pro for Magento: Similar to its versions for other platforms, FraudLabs Pro screens high-risk transactions, helping Magento users minimize the risk of chargebacks.
Don’t let fraudsters give you the slip
Implementing fraud prevention plugins that use advanced AI and ML technologies is a wise move for any e-commerce business. These tools not only enhance security but also improve the overall customer experience by minimizing false positives in fraud detection.
Each platform – Shopify, WooCommerce, and Magento – offers plugins that help to prevent you from falling victim to online scamsters. By installing fraud-fighting plugins, you can protect your business from losing money due to fraudulent activities and give yourself some peace of mind in the process.