• How to Protect your Online Store from Fraud

    December 16th, 2016 by
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    How to Protect your Online Store from Fraud

    According to a research almost 50% of the businesses are a victim of online fraud at some point of time during their business life cycle which cost them average $114,000 per occurrence.

    Beside phishing and hacking if any business accepts fraudulent payment, it will be held financially responsible for financial loss.

    Thankfully there are ways that a business can take to minimize the risk and protect yourself and your business from digital attacks.

    Here are some best practices for keeping your store safe from hackers.

    Managing Your Risk

    Though the potential of fraud is very high for online transactions but still you don’t have to concede and accept it as a business cost.

    By utilizing the right tools at the right place and right time you can reduce chances of an online attack and keep your business and customers safe.

    Monitor Transactions and Reconcile Bank Accounts on The Daily Basis.

    No one is aware of your business the way you are. You know your spending and buying patterns. Monitor your transactions and billing on the daily basis. Use IP tracking tools to locate your customers. Also check if your customers are using free or anonymous email addresses as there are much higher chances of fraud in these cases.

    Set Limits

    Based on the buying patterns and orders set limits for the number of purchases and dollar value from one account in a single day.

    Use Address Verification System

    Address Verification Systems compare the numeric parts of the billing address stored on a credit card to the address on file at the credit card company. AVS is a fraud tool included in most payment processing solutions but check with your payment processor to be sure it’s supported.

    Require the Credit Card Verification Value

    You must be familiar with the three digits or four digits security code printed on the credit card What you might not know is that PCI rules prevent you from storing the CVV along with the credit card number and card owner’s name. That’s why the CVV is so effective. It is virtually impossible for scammers to get it unless they’ve stolen the physical credit card.

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