Payment fraud is any type of false or illegal transactions completed by a cybercriminal. The perpetrator deprives the victim of funds, personal property, interest or sensitive information via the Internet. For quite some time, fraudsters’ preferred method has been stealing physical payment cards and making purchases with them. This still happens, however, e-Commerce fraud is becoming more common. E-Commerce fraud is an illegal or false transaction made in a web-shop. The big difference between physical and online payment fraud is, that, the card does not need to be present when making an online transaction. The fraudster simply needs the card information, hackers can steal this information as it is often stored and transferred digitally.

Take a glance at the most effective e-commerce payment fraud detection tools, 2019:

• Card verification number is ranked as the most effective method used in detecting e-commerce payment fraud by surveyed e-commerce leaders with a rate of 54%.
• Biometric indicators are ranked as the second most effective tool used in detecting e-commerce payment fraud with a rate of 53%.
• Customer order history comes at next as an effective method used in order to detect e-commerce payment fraud with a rate of 52%.
• Two-factor phone authentication also listed as an effective tool used to detect e-commerce payment frauds with a rate of 50%.

A Graph Shows The Most Effective Tools in Detecting E-Commerce Payment Fraud, 2019.