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Who knew this would be how 2020 played out? It is cliché now to say that we did not see the tumultuous effect that COVID-19 would have on the world when the year began. Even in March when things were locked down, no one could have guessed that we would still be in the throes of the pandemic at the years end. Businesses have suffered over and over with closures and social distancing. Even as we end the year, there are 4 areas that businesses will continue to struggle with as we enter 2021 with the pandemic still raging.
We know that data security needs to be protected when collecting customer information. Account Take Over (ATO) is a type of criminal activity that utilizes information you have stored to mimic your customer. It is a form of Identity Theft. Account Takeover typically is seen in one of two ways, Credential Stuffing and Credential Hacking.
Understand How Fraud Is Occurring in Your Business
Here are 4 simple steps to review in your business to discover how fraud is finding its way into your systems.
Having a membership or subscription model business has been a trend in the way that businesses structure how products and services are sold. It is a great way to ensure future income and know how much labor will be needed.
Smart business owners know the 3 steps to finding the right merchant account and making sure their largest asset is secure.
Many businesses today are finding it easier to go cashless. Most businesses already no longer accept checks. Businesses often take cash and credit for goods and services, but most online businesses only accept digital payments. Have you wondered if going cashless is...
If you are taking payments card-not-present transactions in your business, either over the phone or through your online shopping cart, you have likely experience credit card fraud. Over 80% of fraud happen in card-not-present situations. In some business models, this is the only way to take payments, so how do you protect yourself?
As a business owner you are expected to know your customer. When accepting credit card information we need to collect certain data from our customers and then we can say we reasonably know them. In this collection of data, we need to keep our guard up and keep on the lookout for red flags for fraud.
Here are 5 tips for spotting fraud:
Do you feel like everything is changing at a speed that you cannot keep up? Are you having to change business practices to meet new customer needs? One big change that we are seeing is the need for flexible and mobile payment options. Some have moved to online...
The business landscape has changed dramatically over the last few weeks. More and more businesses are moving to online formats, even if just temporarily. This will bring more fraud. When you are a business owner, the buck stops with you. It is your responsibility to protect our customer’s data as well as our own system’s data.
Most business owners have heard that PCI Compliance is important. They know they may pay a fee if compliance is not completed annually. But, do you know what is really at stake?
Payment systems have gotten much more complicated in the last 20 years. This will continue to happen as fraud prevention tools are becoming more sophisticated and complex. One fraud prevention tool that is important for all credit card transactions is AVS. AVS stands...
There are so many things to think about when owning a business. The most important part of an individual business is often overlooked, payments to your business. Accepting payments is how your business will stay in business and should not be set up as if you are setting up a utility. Payments systems should be unique to everyone’s business because each business has its own unique processes and systems. Business owners need to be sure the partner they have in payments is a partner that is looking out for the most important part of their business.
Because taking payments is no longer simple, business owners want to make it as streamlined and cost effective as possible. Here are 5 tips for Conducting an Internal Audit of Your Payment Systems
These have been identified as the top four challenges that business owners today will face.
1. Increased disputes
2. Increased fraud attempts
3. Lost sales
Marketing new business strategies