For eCommerce developers, payments present some interesting challenges. How do you keep your customers’ sensitive payment card data secure through the entire transaction process? How do you manage the risks of storing payment information on your own systems—where one data breach could cause serious damage to your business?
The increased pace of digital transformation presents businesses with opportunities to reach a larger audience without geographical limitation. But the more we adopt these connected ways of working, the more opportunities we present to fraudsters—who can also learn and grow in line with new technological advancements and changing consumer behaviors.
Your priority is your customers and managing the day-to-day activities of running a business. And you’re responsible for providing your customers a seamless purchasing experience online. Until one day your bank sends a chargeback notice about a fraudulent transaction or you’re the victim of a card testing attack. You thought your payments were protected, but what now?
Although machine learning (ML) relies on complex statistical methods and high-power computing, it’s essentially a very simple concept. By identifying and examining statistically high-and low-risk combinations of transaction data, machine learning software can learn to accurately predict which orders are fraudulent.
In the previous blog posts in this series, we discussed account takeover attacks and loyalty fraud, and the impact they can have on a business and its customers. We also acknowledged that identifying and preventing these attacks can be challenging—largely because fraudsters are logging in to customers' accounts using legitimate credentials stolen elsewhere.
In the previous blog post in this series, we discussed how fraudsters exploit stolen credentials to take over customer accounts, and looked at the impact such attacks can have on a business and its customers. Naturally, fraudsters who successfully take over accounts will take anything in them that has immediate or resale value—and that includes loyalty points and rewards.
Like many other online businesses, you probably encourage—or even require—customers to set up accounts when they shop with you. The main advantage for customers, of course, is a smoother checkout experience on any device, with no need to re-enter shipping and payment details each time they shop. And with the insight you gain into customers' purchase histories, you can develop deeper relationships and drive additional sales with personalized communications and promotions.
Don’t let constraints stand in the way of your big ideas When it comes to commerce and payment development, we enable you to innovate and meet consumer demands. We’ve made it super easy to try your first API call using our Developer Center. Get up to speed fast on our APIs with a true hands-on, sandbox experience. You’ll find sample code available for every API request in six of the most popular development languages.