Payment processing fraud is erupting!
According to a San Francisco digital trust and safety company, Sift, there was a 73% surge in online fraud in 2019. And most believe there is even more to come in 2020.
Massive amounts of people are seeing their credit card and banking information exposed to massive data breaches day after day. Although Internet theft remains most prevalent, hackers and fraudsters have also taken to mobile devices, debunking the myth that these cybercriminals act alone on their laptops in private. Therefore examining mobile signals has become more significant in defending against fraud and abuse.
Electronic Money Company can help you navigate through the rapidly changing fraud landscape in order for you to make informed decisions as a merchant processor that can help keep your users
and businesses safe from hackers.
In general, payment fraud is any false or illegal transaction which can happen on the Internet. It usually involves the theft of someone’s money, credit card, personal property, or other sensitive information.
Payment processing fraud is a term that frightens every Ecommerce business owner. And it should. Fraud can be fiscally detrimental, as well as damaging to your credibility and customer trust. Ecommerce businesses rely on credit card processing to collect payments from customers for products and services. The increased volume of credit card processing has also resulted in an increase in fraudulent activities.
How can Ecommerce businesses mitigate fraud?
While it’s challenging to entirely eliminate the threat of fraud for Ecommerce merchants, there are ways you can help protect against it. Here are some of the ways you can protect your business against fraudulent payments:
- Be aware of the latest fraud trends
- Partner with a verified payment processor like Electronic Money Company
- Continuously update your network security systems with firewalls and antivirus software
- Encrypt transactions and emails containing confidential information
- Ensure that tokens and login credentials are regularly changed
- Establish a policy regarding access to confidential information
- Constantly run security checks with antivirus software
- Be sure to do your PCI scans regularly
- Make sure your Ecommerce site is tokenized for added security
Payment fraud can hurt both you and your customers! By aggressively protecting your Ecommerce business against fraud, you can improve your reputation and your bottom line.
Click here for a video on how Ecommerce businesses can prevent fraud with tokenization. For an in-depth article about tokenization and how to protect your Ecommerce business, click here now.
Electronic Money Company can help you navigate the rapidly changing fraud landscape.
Give us a call at 505-296-2847 today!