Fraud poses a significant risk to eCommerce platforms, often incurring substantial costs for business owners. A single fraudulent transaction can result in losses of $150 or more, which underscores the necessity for vigilance in preventing such incidents. Merchants who ignore this issue may face operational disruptions, as high instances of fraud can lead financial institutions to suspend payment accounts without prior notice, adding complexity to business operations. As the owner of an online store, implementing measures to safeguard against fraudulent transactions is crucial. One effective tool for this purpose is the Fraud Monitor extension, designed for Easy Digital Downloads stores. This tool provides robust monitoring to automatically identify potentially fraudulent purchases, giving you the peace of mind to concentrate on expanding your business rather than combating fraud. With each transaction, Fraud Monitor scrutinizes the details through a set of checks, flagging any purchases that require additional examination due to suspicious indicators. If a purchase is marked as potentially fraudulent, the system can automatically notify the site administrator or the customer by email to request more information for validation. Once a site manager reviews the transaction, and it’s verified as legitimate, the purchase can proceed. Conversely, confirmed fraudulent transactions can promptly be reversed, mitigating the risk of future chargebacks or penalties associated with fraud.
