Fraud Prevention: Here’s Why Your Business Needs It
As it’s reported, ecommerce fraud has caused 20 billion dollars in damages worldwide in 2021 alone. And as the virtual marketplace keeps on growing, so do the appetites of e-criminals.
Fraud Prevention — Your Company’s Shield
Fraud prevention solution is like a stone wall for your venture: it won’t let the scammers sneak in to hurt your success, reputation and, most importantly, your customers.
And if you think your company can pass on it, you’re bound to think again. FIrst of all, there are multiple threats your online brand might be exposed to right now:
- Identity theft. Scammers can steal someone’s sensitive info to either pose as that person or sell it on the black market.
- Card testing. There are databases, which contain credit card numbers, on the dark web. E-criminals “test” every single one of them to see if it’s possible to squeeze money out of it or buy stuff from you.
- False chargebacks. The most common type, when a dishonest customer requests money back but also gets to keep your goods that you honestly delivered.
- Account takeover. A customer’s account gets hacked, which may result in identity theft.
- Triangulation. An elaborate scheme, in which scammers sell your goods to other people and then claim a refund from you.
And the scheme list keeps growing. The next target-to-hit might be your business.
Losses & Consequences
If fraudsters succeed at one of their shady tricks with your enterprise, it will cause some unfavorable repercussions. For instance:
- Finances. If they keep on making false chargebacks, you either risk losing a lot of money — bank fees, refunds, high-risk merchant account fees — or an option to accept bank cards.
- Reputation. Identity theft, account hijacking, test fraud — all of these can seriously damage your rep and scare away customers for a long time.
- Time. Disputing chargebacks, doing damage control, organizing protection after getting hit — it takes time, effort and some of your nerves too.
As you can see, it’s best to take care of the security early on. And the best way to do this is by hiring trained experts.
A professional team can offer:
- Compliance. Your company will act in compliance with various protocols, including Card Industry Data Security Standard (PCI DSS) — it helps to successfully dispute false chargebacks.
- Detection. Thanks to Device Fingerprint know-how and Know Your Customer procedure, scammers can be detected and neutralized promptly.
- Training. Your staff will receive training and guidelines to handle fraud efficiently.
- Extra safety. As a major bonus, you’ll be provided with Trustchain — an environment, which filters out fake personas, bots, scammers, while also employing safety standards.
It’s not just your reputation on the line when you enter the world of ecommerce. It’s also the well-being of your customers who are seen as easy prey by the e-criminals
So, don’t hesitate and protect your business right now. In the long run, it will bring handsome dividends: loyal and grateful clientele.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!