Protect your business from online fraud
February 20, 2015

The Internet serves as a great tool for your business to reach a wider audience and make more sales. Unfortunately, it also exposes your operation to the threat of online fraud. Ensure that you and your staff are aware of the potential risk of this and know how to prevent and protect your business from cybercrime. According to PYMNTS, fraud losses due to transactions made without a card present are expected to reach $6.4 billion in 2018.

Education is key
Online fraud can rob a business of a product sold to a criminal and without the revenue from that product when it is reported. It is important to protect yourself from this risk.

Knowing what to look for is one of the best ways to protect your business. Binpress noted that fraud attempts may be indicated by an individual using a proxy to disguise the true location, an unusually high purchase volume or one party buying many items consecutively.

Another way to monitor whether a purchase may be suspicious is if the billing and shipping addresses is different. The further away each of these locations are, the more likely a fraudulent transaction is taking place.

Protect your financial information
The Small Business Administration noted that your credit cards and bank routing and account numbers should be secure and protected. You should never give your business's card to someone you do not fully trust.

In addition, always monitor expenses and call your bank if you notice any activity that you or an employee did not authorize.

Keep passwords protected and change them on a regular basis. When creating a new password, use a longer one that is more complex and incorporates a variety of characters and numbers.

Know your employees
While your staff is a crucial part to your business's success, some individuals may increase your vulnerability. When hiring employees, think about having a background check to help better ensure that you are hiring someone that you can trust.

Also, developing a good relationship with your staff is a good way to get to know everyone. They may be more willing to work toward protecting the business when they feel that they are a valuable part of the community.

Your business can benefit when it decides to accept credit card payments online. However, you should make sure that you and your staff are prepared to properly protect yourselves from the threat of online fraud and cybercrime.

Nexus: G-WEBCD5