In the path of being a successful online merchant, one must also take the initiative to find out what are the most important procedures of risk management in e-Commerce transactions. Check out these 7 methods. We’ve got the remaining 7 coming right up tomorrow, same time and same place!

1. Understand the risks and train your staff. Exposure to eCommerce risk depends on your business policies, operational practices, fraud detection and prevention tools, security controls, and the types of products and services that you provide. Everyone in your organization should understand the risks associated with online transactions and be able to implement your established risk management procedures.

2. Select the right acquiring bank and merchant services provider. The right acquiring bank and merchant services provider will provide effective risk management support have a complete understanding of eCommerce fraud risk and liability. An adequate customer data protection capabilities is also something you will want to consider when making your selection.

3. Develop essential website content. Your website must include your privacy, shipping, return and refund policies. It must be reliable and to provide customers with easy and simple navigation.

4. Concentrate on risk reduction. A properly established sales order process will help you address a number of risk concerns. You should indicate or highlight required transaction fields and verify card and cardholder data that you receive from your customers over the internet.

5. Design and implement internal fraud prevention structure. The profitability of your eCommerce store depends on your internal strategies and controls for minimizing fraud. A risk management structure, combined with intelligent transaction controls, will help you avoid fraud-related losses.

6. Use fraud-prevention tools. There are a number of fraud-prevention tools to help reduce your risk exposure. The most widely used among them are the Address Verification Service (AVS), the Card Security Codes, Verified by Visa and MasterCard SecureCode.

7. Apply fraud screening. When properly implemented, the screening of online card transactions can help you minimize fraud for large-ticket items and for high-risk transactions.

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