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Fraud Prevention Checklist
Customer Verification
Implement email verification for new accounts.
Use phone verification for high-value transactions.
Employ two-factor authentication (2FA) for account logins.
Monitor for multiple accounts using the same contact information.
Verify shipping address through a third-party service.
Transaction Monitoring
Set up real-time transaction monitoring.
Flag and review high-value transactions.
Identify and investigate unusual purchase patterns.
Enforce limits on the number of transactions per day.
Use machine learning algorithms to detect suspicious activities.
Payment Security
Ensure PCI-DSS compliance for handling payment information.
Use tokenization to secure credit card details.
Implement 3D Secure for online transactions.
Regularly update and patch payment processing software.
Monitor and review chargebacks and refunds.
Account Security
Enforce strong password policies.
Implement account lockout mechanisms after multiple failed login attempts.
Regularly audit user permissions and roles.
Encourage the use of password managers.
Detect and block automated login attempts (e.g., bots).
Data Protection
Encrypt sensitive customer data.
Regularly back up customer data.
Implement access controls to limit data access.
Conduct regular security audits and vulnerability assessments.
Educate employees on data protection best practices.
