NoFraud is a full service, Ecommerce fraud prevention tool that reduces your liability when it comes to fraud. Not only do they identify fraudulent purchases (both obvious and not), but they also help to identify purchases that may be marked fraudulent that are actually legitimate. Both of which make your store more money. And they do this better than any native service provided by Shopify.
NoFraud operates on a Pass/Fail system. They’re advanced and comprehensive machine learning technology screens transactions in real time, looking for a number of factors to help determine legitimacy. They have access to a wide variety of proprietary databases that include address verification, banking and billing address, home occupant verification, email, phone number, etc. that help them to determine if a buyer is for real, eliminating bottlenecks and allowing you to fulfill orders quickly.
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
When a chargeback occurs, other fraud prevention competitors make it the merchants responsibility to prove that the order was not fraudulent. Meaning the merchant has to find evidence proving that the bank/customer is wrong and that the transaction was legitimate. NoFraud takes it upon themselves to do this for you.
They go through a cardholder verification process actually contacting the cardholder to validate the transaction on the merchants behalf. By doing this, they either reach a customer and can confirm their drivers license and credit card (for example), or if it is a fraudster whom they get no response from and can provide that information. Either way, they are handling the situation for you.
The two main metrics that are affected by utilizing NoFraud are reducing chargebacks and increasing approved orders.
Reducing chargebacks affects your bottom line by eliminating the cost associated with it ($3.13 per transaction). Likewise, increasing the amount of approved orders affects your bottom line by increasing revenue both through the initial approved purchase and all subsequent purchases by a given customer.
Other than that, you will save some money with the freed resources that used to go towards reviewing at-risk orders, and you will see faster processing to shipping times because more orders are processed automatically.
NoFraud takes about 5 minutes to install and starts working on the next order that comes in after installation. From then on out that daily task of approving orders is practically gone, or at least drops 99%. It is pretty much set and forget.
This tool is best for high volume stores that spend a lot of time managing their orders, or have a lot of chargebacks. For stores that do more than $50,000 in monthly revenue, they can utilize the Chargeback Protection Plan that guarantees reimbursement for any order that NoFraud allows to go through that turns out to be fraudulent.
If you are a smaller or newly established business, if you don’t have a chargeback problem or aren’t spending a lot of time trying to detect fraud, this tool won’t be as valuable for you. That being said, it is tough to say that a tool like NoFraud wouldn’t benefit you at all since the value of preventing one fraudulent case, or reversing a falsely identified fraudulent case is high.