Unfortunately, fraud is rampant online. Cybercriminals have started making online business owners’ lives very difficult. If you are an online business owner, then the threat of fraud is very real—it’s something you always need to be aware of.
However, just because fraud is a real threat, that’s not to say that it can’t be countered or prevented. In fact, preventing online payment fraud is actually very easy. This post will tell you about all of the things that you can do to protect your business and its customers from fraud.
High-risk Accounts
If your business is at a high risk of fraud or chargebacks. Then you might not be able to open an ordinary merchant account. The only option available to you if your business is deemed ‘high risk’ is a high-risk merchant account, which will cost you more in fees and processing charges. However, despite the high fees associated with these accounts, they do protect you from fraud. High-risk merchant accounts typically have chargeback protection, which prevents customers from making chargebacks, and fraudulently claiming their money back. A high-risk account will also allow you to process debit and credit card payments. Which means you will have each customer’s banking information.
Identity Verification
All businesses require customers to submit their personal information when they are making a purchase. Some businesses go a little further and ask customers to submit a copy of their passport or driver’s license before they can make a purchase. Auction houses, for example, very commonly do this. Asking your customers to show proof of their identity might seem a little excessive. But if your business is deemed high-risk, then it is a step that’s worth taking. When you have a customer’s driver’s license or passport, they are significantly less likely to try to commit fraud. It will also be harder for fraudsters to impersonate people.
Digital Security
As a business owner, it is not only your responsibility to protect yourself, but also to protect your customers. Cybercriminals won’t just try to target you, they will also try to target your customers so that they can steal their personal and financial information. You can hire a managed online security service to protect your business from criminals. These companies will create robust security infrastructure for your business, in addition to installing firewalls and anti-viral software on all of your devices.
Password Protection
Statistically, data breaches are more likely to come from within your company than from a cybercriminal. If you want to protect your customers and your business, then protect your passwords. You can do this by limiting the access that your staff has to your online devices, and by storing your password offline. You should store important passwords inside a safe, rather than on your computer’s desktop. If you store passwords on your computer, then if it is subject to a cyberattack. It could be compromised and then used for fraud.
Being a business owner isn’t easy. Not only do you have to worry about the current cost of living crisis and rising expenses, but you also have to worry about fraud. If you follow this post’s guidance, then your chances of falling victim to fraud will be significantly lower than if you didn’t.
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