The eCommerce business is booming. This explains why the global e-commerce sector is predicted to reach $6.3 trillion by 2027. Frauds are rising as eCommerce increases and more people purchase online.

E-commerce losses from online payment fraud are predicted to reach $48 billion in 2023 from $17.5 billion in 2020. Fraud has also escalated and gotten tougher to identify and manage.

Stripe reports that 64% of global company executives struggle to prevent fraud compared to pre-pandemic levels.

This requires stronger and more comprehensive fraud protection to safeguard businesses and consumers. Then payment orchestration occurs.

Payment Orchestration Unfolds

Payment orchestration helps retailers improve client payment experiences by connecting them to different payment service providers including gateways, acquirers, and banks.

From approving payments to settling them in the merchant’s account, the payment orchestrator handles everything.

Payment orchestration systems include payment routing, fraud detection, and end-to-end payment administration without human resources. Most significantly, a payment orchestrator lets merchants manage their payment stack as they see fit. Explore Payment Fraud Solution in more detail with Akurateco

How Can Payment Orchestration Reduce Fraud?

Merchants may decrease fraud by using payment orchestration platforms’ security procedures and processes, such as:

Fingerprints

Fingerprinting identifies a payment method or device. This fingerprint is safely stored by retailers to avoid fraud. Merchants may suspend accounts/transactions if another user uses the same payment method to avoid fraud.

Tokenize

Cards are tokenized to remove sensitive data. Even if data is taken, tokenization makes it almost unreadable. Few gateways enable tokenization. Integrating orchestration platforms lets you locate and activate tokenization gateways to safeguard your system and consumers against fraud.

Authenticate 3DS 2.0

Advanced security protocol 3DS 2.0 enhances card-not-present transactions. This system prevents identity theft by requiring users to input an OTP or biometric information before completing a transaction.

How To Optimize Payment Orchestration For Fraud Prevention?

1. Select the Right Fraud Prevention Payment Orchestration Platform

Fraud protection begins with orchestration platform selection. Many orchestration platforms exist, but not all are trustworthy. Akurateco knows exactly not only how to create a payment gateway, but also have a payment fraud solution for your business.

1. Meeting Data Security and Privacy Regulations

Ensure our company follows national and international data security and privacy laws. Also, choose a compatible orchestration platform. Inai helps you find and fix compliance gaps and guarantees your source complies with all requirements.

1. Constant Monitoring

Having a trustworthy orchestration platform improves security and eliminates payment fraud, but it takes work. For instance, you must periodically review transactions and customer data to check for issues, identify strange activities, and make adjustments.

Wrapping Up

Over time, customers have gotten smarter and expect firms to respect data privacy. Thus, retailers must strengthen their operations and payment systems to provide a safe, secure, and frictionless shopping experience. Integration with payment orchestration systems like Akurateco may help.

These systems improve your payment stack, eliminate fraud, and simplify your payment environment, improving consumer experience. Take action immediately and incorporate an orchestration platform!

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