The best apps to secure your site against fraud in Shopify
The internet has changed every aspect of our lives. Smart cities, smart homes, smart appliances, remote studying or working, online shopping, list goes on and on. None of this would be possible without the development of the internet. 10 years ago who would have said that it would be possible to turn on lights or music, find out what the weather is like or even go grocery shopping just by talking to a small box called Alexa? It definitely made lives easier when the Covid-19 pandemic started and with it various restrictions and lockdowns.
In order to be able to continue reaching their customers and staying competitive on the new type of market, businesses had to start with the process of digital transformation. Shopify made this possible for a large number of ecommerce businesses. There are now over 1.75 million merchants from 175 different countries selling on Shopify, most of which wouldn’t be able to transfer their business online by themselves either due to lack of skills or means. Shopify helped make the process of digital transformation relatively cheap and a lot easier and quicker.
Not only does it help businesses to set up their online store and sell their product, but it also offers different features, tools and apps that help them run that business successfully. Along with inventory tracking, social media integration that help you grow your business, there are also Shopify fraud prevention apps that help you protect your business from fraud and other types of cyber attacks.
What is Shopify fraud
Shopify fraud can be divided into two different categories, one category covers all the fraud attempts affecting the customers and the other one the fraud attempts affecting the merchants. Both types of fraud will result in a chargeback, but the main difference is that it is usually resolved in customers’ benefit, but the one affecting the merchants will most likely result in significant financial and reputational damage to the merchant. Chargebacks cost ecommerce businesses more than $40bn a year, and the number keeps on growing.
This is why it is imperative that the merchants use every means possible to stop the fraud from happening.
Best apps to use to protect your site against fraud in Shopify
- Shopify Fraud Protect App
With Shopify’s Fraud Protect solution merchants pay a fee on each order and in case there are any issues Shopify will cover any costs/reimbursements and handle the chargeback process. It monitors the red flags like proxy usage, large numbers of login or payment attempts, and differences between billing and shipping addresses. This is a good option for merchants that have lower levels of transactions and work in markets that see less fraudulent activity - SEON
SEON’s Shopify fraud prevention solution uses Shopify’s fraud defences, enhances them and raises the protection levels by using machine learning algorithms, flexible risk scores and real-time data checks with email and social media lookups. This helps you to see if the customer is actually who they say they are and to recognize any patterns that might indicate fraud attempts and use this knowledge to stop it before it can cause any damage. - Signifyd
Signifyd is fraud prevention platform that mainly concentrates on e-commerce and it is often used by companies that handle large amounts of transactions. The entire process is automated which makes reviewing and approving orders a lot faster than merchants would be able to do by themselves. - ClearSale
ClearSale fraud prevention app utilizes the machine learning technology and combines it with a large in-house analyst team that reviews transactions once they are flagged by the system deciding to accept it or not. In addition to fraud prevention, they also offer a chargeback guarantee and a proprietary protection scheme. - Sift
With this fraud prevention app all customer data gets sent to Sift, where it is analyzed with the combination of machine learning technology and insight from Sift’s proprietary global data networks. This helps them create accurate risk assessments that help merchants decide on who is a legitimate customer and who is a fraudster. Fraud can cause significant damage to different aspects of your business, from financial to reputational side which is why you need to utilize one of these apps to protect your business from finding out how disastrous they can be.
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