Business
Protecting your business (and your customers) when operating online
Global Banking & Finance Review®
Company
Online threats to your business and your customers are lurking everywhere. From spammy emails to various data breaches, stealing your credit card information -It’s no secret that online fraud is a serious problem. Last year, consumers reported total losses of a staggering $5.8 billion in 2021, Approximately 2.8 million people filled a complaint regarding online frauds last year which is an all-time record. When it comes to all-size businesses, it is estimated that every dollar online businesses lose by fraud costs them $3.60.
A lot of online businesses were obliged to pay ransom to retrieve their stolen data, but the sad reality is that in most cases they’ve managed to retrieve only 45 percent of their data. Data is the lifeblood of your business and it helps you understand the patterns of behavior of your customers.
Educating your employees and performing security audits can help you with preventing such scenarios. It is also important to establish a strong password policy across the entire company. One weak password can compromise the entire company so you need to add an additional layer of protection – a great way is to implement 2-step verification when logging into your business accounts.
When it comes to protecting your financial assets, you know that there are numerous threats out there. Stealing your credit card information is the most common. A large amount of money won’t just disappear into the thin air like in the movies. It’s about the smaller transactions that can mean fraudulent behavior because they will definitely go under your radar. A virtual credit card can help. This industry is booming at the moment. A virtual credit card is a credit card that is not attached to a physical card. Instead, it is linked to your bank account and can be used anywhere that accepts credit cards. If you are not sure, compare all pros and cons to know the benefits of using a virtual credit card.
One way is to use an address verification service (AVS). AVS is a type of fraud prevention service that checks the billing address provided by a customer against the address on file with the credit card issuer. If the addresses don’t match, the transaction is declined.
Online fraud refers to deceptive practices conducted over the internet, often involving the theft of personal information or financial data to gain unauthorized access to accounts or funds.
A virtual credit card is a digital card number that is linked to your bank account, allowing you to make online purchases without exposing your actual credit card details.
Two-step verification is a security process that requires two forms of identification before granting access to an account, enhancing protection against unauthorized access.
An address verification service (AVS) is a fraud prevention tool that checks the billing address provided by a customer against the address on file with the credit card issuer.
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