Fraud in the e-commerce ecosystem has always been a serious issue. As per a report by Statista, online retailers across the globe suffered a total loss of $41 billion due to payment fraud in 2022.
There are multiple reasons for these frauds, and the banks are always not liable for the customers to recover these fraud amounts. As an e-commerce retailer, it is a highly important issue to consider as in case of a fraudulent transaction, you are liable to pay the mandatory credit card charges that need to be reversed. Thus you need to find e-commerce frauds and prevent them from occurring in your store. Finding and preventing fraud is the key to protecting the financial health of your e-commerce business.
To know more about E-commerce frauds, please go through our previous article “Protect your Magento Store from E-commerce Frauds: The Ultimate Guide for Magento Fraud Protection”. We have covered every basic nitty-gritty of e-commerce fraud in that blog, along with its types and what are the basic practices that you must do to prevent fraud.
In this article, we will go through the tools available in the market, or technically we say the Magento 2 Fraud Prevention Extensions in the market.
Best Fraud Prevention Extensions for Your Magento 2 Store:
This fraud detection extension by Mirasvit helps you identify and minimise the main risks and do away with the human factors as it automates all processes involved in checking orders and intimate managers about suspicions. It can easily detect and stop fraudulent orders before they harm your business.
It provides a status for the order based on the fraud score. The status can be “Accepted”, “Manual Review”, and “Rejected”. However, the team still has the power to manually check the fraud score of each order and make the decision to cancel or accept it. It offers a very intuitive and easy-to-use interface which makes it easy to check fraud scores at a glance. This extension checks the delivery address, billing address, customer profile, order history, and much more to identify fraudulent orders.
· Isolate fake orders from the true ones with the objectively set parameters
· Create your own rules with conditions to align it with your business model
· View advanced customer profiles and parameters such as order history, IP history, and Google maps of the shipping & billing address
· For Magento Open Source: $148
· For Magento/Adobe Commerce: $348
· For Cloud Commerce: $398
The Maxmind fraud prevention extension is amongst the best modules available to prevent fraud from your Magento store. It can detect high-risk IP addresses, identifies IP geolocation, detect VPN & proxy, flag suspicious email addresses, free and disposable e-mail detection, reputation data for email addresses, identify payment card details, detect prepaid, virtual, and business card, and much more.
There is a score given to an order based on an algorithm. This score decides whether the order is genuine or fraudulent. It offers customizable fraud score limits, and the merchants can set their thresholds.
· Puts orders “On Hold” automatically: Orders with high-risk scores are put on hold to prevent fraud.
· Reduces chargeback expenses efficiently by enabling accurate risk assessments to allay concerns of fraud.
· Adaptable fraud score limitations: Customize the fraud score limit for your store to suit your needs.
· Gives priority to particular payment methods: For scoring applications, only orders with a minimum order quantity should be checked.
· provides immediate fraud score checks. Integrating real-time order checks into your Magento store can improve transaction security.
The pricing is on requirements per query, if you want a score per query only it will cost $0.005 per query. However, for insights per query and factors per query, it is $0.015 and $0.02 respectively.
It is a great extension to reduce chargebacks and false declines by up to 90%. This extension by Forter will help you maximize revenue, approve more customers, and accelerate growth with instant fraud decisions. With its accurate identification and blocking of both new and known fraudsters with comparable tendencies, Forter guarantees that you will minimize chargebacks and safeguard your income. Through the use of Smart 3DS, you can transfer chargeback liability to the issuing banks and further minimize chargeback expenses.
The Forter Decision Engine has been powered by 1.2 billion+ identities in a cross-merchant dataset which makes instant assessments during checkout. It employs AI to make decisions and ML to detect patterns across vast datasets.
· Making accurate judgments about a customer’s trustworthiness at the point of sale can help you halt fraudsters in their tracks and minimize damage and chargebacks.
· With 99% of decisions completed in less than 400 milliseconds, you can quickly determine someone’s integrity and authorize considerably more sincere transactions from reliable clients.
· Quick choices about whether to allow or reject payment transactions involving credit, debit, and prepaid cards as well as digital wallets, bank transfers, BNPL applications, stored value payments, and more.
· SLAs for response times, approval rates, and fraud chargebacks are guaranteed.
Customizable plans are available as per the requirements.
The Kount Fraud Prevention Extension helps you manage high-risk orders, chargebacks, and credit card fraud. With its full suite of state-of-the-art features, Kount creates unmatched protection. Kount can assist you with account protection, data insights, chargeback management, and regulatory compliance. What we can do with your assistance has no boundaries.
· Automate decisions based on risk thresholds. Spend less time manually reviewing orders.
· Save time, money, and resources by trusting the technology.
· Focus on daily operations and improving customer experiences.
· Prevent fraud-based chargebacks from happening in the first place.
Need to connect with the sales team for the quote.
This fraud prevention module will screen every order completed on the Magento e-commerce platform for payment fraud in real-time. Its powerful validation algorithm will detect fraud patterns precisely, allowing you to reduce chargeback and fraud losses. It allows you to customize your own validation rules and screen every order for fraud patterns. It can inspect hundreds of elements in a fraction of a second. This Fraud Prevention Module is compatible with the SMS Verification Add-On, which allows businesses to confirm the client’s identity by sending them an SMS for verification.
FraudLabs Pro keeps a big pool of blacklist data on hand, which includes IP addresses, email addresses, and devices. This information is gathered in real-time from our broad worldwide merchant network. Furthermore, this blacklist data has been shown to effectively detect similar fraud in other retailers.
· Customize the validation rules as per your requirements
· Automatically huge number of frauds within seconds
· Intuitive interface makes it easy to install and configure
· Use machine learning algorithms to analyze your approval, rejection, and blacklisting actions to learn fraud patterns.
There are 6 different editions offered by FraudLabs. These are:
· Micro Edition: Free
· Mini Edition: $29.65 per month
· Small Edition: $99.95 per month
· Medium Edition: $249.95 per month
· Large Edition: $499.95 per month
· Enterprise Edition: $1,249.95 per month
The fraud prevention extension by Plugin Company lets you create custom blacklisting rules based on customer attribute combinations like name, address, zip code, email address, and IP address.
These rule attributes are evaluated with your fraud suspicion database each time a new order is placed. If a match is discovered, the fraudulent order is automatically blacklisted and prevented from shipping, so you no longer have to worry about losing your merchandise to malicious customers. You can ensure that trustworthy customers are automatically excluded from your Fraud Prevention rules because blacklisting rules can be configured per customer group.
· Prevent fraudulent orders from being placed, paid, and shipped
· Set up blacklisting rules per customer group and store view
· Easily manage suspicious and blacklisted orders in the backend
· Configure the number of fraud suspicions required for blacklisting
Last but not least, this solution by Signifyd gives you ultimate protection against fraud of any type. Signifyd contextualizes incoming orders with Signifyd Commerce Network identity and intent analytics to offer accurate accept or reject judgments in real time. Any fraudulent chargeback that occurs as a result of a guaranteed order is reimbursed within 48 hours, including shipping and other taxes.
· Understand the “why” behind each order choice by learning about the elements that influence Signifyd’s decision engine.
· Keep track of critical indicators including approval rates, chargeback rates, chargeback reasons, decision time, and so on.
· Using Power Search, investigate order relationships to uncover patterns of fraud and abuse.
· Monitor performance across geographies, product lines, and payment methods.
Need to connect with the team for the quote.
In this article, we have gone through the best fraud extensions for your Magento 2 store. If you are suffering from frequent fraud orders, then integrating these extensions is the need of the hour. At Ceymox Technologies, the best Magento development company in India, we have expertise in building and integrating extensions. Let us know your requirements.