Utilize Magento extensions specifically designed for fraud detection and prevention. Examples include: Signifyd, FraudLabs Pro, Riskified, Subuno.
Enable AVS to verify the billing address provided by the customer against the one on file with the credit card issuer. This can be configured within your payment gateway settings.
Implement CAPTCHA challenges during critical steps of the checkout process to prevent automated bots from making fraudulent transactions.
Use IP geolocation tools to analyze the geographical location of customers. This can help identify suspicious activity, especially if a transaction originates from an unusual or high-risk location.
Use SSL certificates to encrypt data transmitted between your Magento store and customers. This helps secure sensitive information such as credit card details during transactions.