Increased Online Fraud
Here at LEAP Managed IT, we know how much hard work owners are putting in to protect their business. Therefore, we make sure to send out reminders and ridiculously helpful tips for fraud prevention and cyber crimes.
Online Shopping is very popular. Amazon, Zappos, and grocery stores make it convenient. Thus it allows you to use you free time wisely, rather than falling in line for hours in the mall. However, it also becomes an opportunity for cyber criminals. Hackers are creating ways to disrupt online business and consumers.
Online and mobile shopping are expected to grow continuously. Unfortunately, it is more likely to see an accompanying increase in online fraud by organized groups using sophisticated technology to outsmart e-commerce sites.
Here are strategies that can help you and your business stay fraud-free:
- Try implementing an identification software or device intelligence. This device will enable you to track the IP address of the customer. Some hackers use technology to make multiple transactions to the same merchant and make it look otherwise.
- Monitor Credit Card payments. Carefully monitor and review the number of declines for each transaction. Always require a card verification code before processing.
- Keep a list of accounts with a history of fraudulent activity and cross check orders against it.
- Train your customer service team. Educate them on how to tell if something is off while processing a transaction.
- Be watchful on large quantities on specific items, for example, electronics, jewelry and other valuable items. They may be on their way shipping to the wrong hands.
Because it is a busy time, merchants temporarily loosen their fraud protection. It allows to process more transaction. While it is a goal to boost revenue, part of responsibility is to protect the business and its customers from fraud. If you would like to know more about fraud prevention for your business, visit leapmanagedit.com or get in touch with LEAP Managed IT’s tech-support today!