In today’s competitive eCommerce industry, every retailer is making considerable efforts to position online business efficiently. Asides these efforts, they also face varied kind of frauds that lower down their average selling value.

Some of major types of eCommerce frauds
  • Merchant Fraud
  • Refund Fraud
  • Credit Card Fraud
  • Chargeback Theft
Javelin Strategy & Research explored that by 2020 online payment volume shall reach as much as $646 billion dollars in total with a hike of more than 7.5% in fraud costs to the merchants of their annual profits.”

Adding to this, in the year 2017 there was seen a growth of 16% in eCommerce frauds as compared to 2016.

With these figures, eCommerce website security is a challenge to be taken care of by retailers. One must ensure a secure eCommerce environment while following effective security measures. If we talk about Magento eCommerce, it is trusted as one of the secure web solutions to trade online.

Magento 2.x version includes the most recent security enhancements so it is recommended to use the latest version only. Moreover, Magento developers community is quite strong and up-to-date. These developers in the community or forums work to develop security solutions or extensions to amend the platform in many ways.

The fact that the platform is open-source and flexible itself capacitate its immense recognition of the software among Magento development companies or developers.

Magento extensions to prevent frauds

As per my personal research on many marketer’s reviews, I have jotted down a list of some powerful and free of cost Magento extensions.

(1) Signifyd

Signifyd helps you to get rid of chargebacks, increased operational costs and more importantly customer dissatisfaction. It comes with an easy integration with plug and play features.

You can easily automate your back office that shall assure you a zero fraud liability. In case you are an enterprise-grade business, you can ask for your customized volume and rate based risk assessment for your business.

(2) Google Invisible reCaptcha

With an easy implication of Google invisible reCaptcha, you can add it to any form on your Magento website such as review form, contact form etc. and protect it from fraud and fake identities.

A few core benefits of using this extensions include spam and fraud protection, no coding required, work optimization, refrain spam bots from your comments & reviews section, and more.

(3) Fraud Detection

This extension helps you to detect fraud and minimize security risks while monitoring, detecting, and forbidding fraud in your Magento store.
With the implementation of this extension, you can force IPs, and hold orders that contains hold order risks.

Apart from these security measures, you can follow the following methods to increase the average value for your business:

- Offers discounts for a shorter time period
- Volume discounts to increase order value
- Upsell and Cross-sells
- Free Shipping
- Minimum purchase discounts
- Social media sharing and more.

Along with taking security measures and increasing an average order value for your business, you are also required to be careful with the customer experience. Making too much emphasis on tightening the security may also lead your consumers away from you.

All the above methods and extensions that I have mentioned in this writing are a complete work of personal research and do not intend to promote any business identity. You always have an option to hire experts to get customized security solutions as well depending upon your consumer’s needs.