Ecommerce fraud prevention: tips, strategies, and best practices

Ecommerce fraud is a growing problem that costs businesses billions of dollars globally. Fraudulent schemes include phishing, chargeback fraud, card testing, identity theft, coupon abuse, account takeover, loyalty fraud, affiliate fraud, reshipping, botnets, triangulation schemes, and money laundering. To prevent ecommerce fraud, companies can use tools like Twilio Verify for end-user verification and Twilio Lookup for real-time mobile intelligence. Additionally, businesses should incorporate account authentication procedures, implement strong verification procedures, establish guidelines for flagging suspicious transactions, and educate staff and customers about common fraud techniques.