Having an eCommerce fraud protection strategy for your small business is essential to mitigate the risk of a cybersecurity attack. 60% of small businesses are out of business within 6 months of a cyberattack. One way to prevent eCommerce fraud is to implement a two-factor authentication system. Two-factor authentication or 2FA is a way for customers to connect two forms of identification to access their accounts. In most cases, two-way authentication sends a numeric code to your phone in which you add the code through your order or account. Implementing fraud protection measures such as 2FA will help prevent fraud as well as enhance customer confidence in making purchases. Make sure to examine the infographic below if you are interested in more prevention method strategies.
Infographic created by First Data, a credit fraud protection company