Thanks to massive digital adoption during COVID-19, eCommerce has grown by 30% and transformed the way we choose to pay for things. There is a big but here, and it comes in the shape of increased consumer nervousness about fraud, with 59% of European consumers stating they’re more concerned since the pandemic.
More worrying for eCommerce businesses is that 67% of all consumers asked thought that shopping online more during COVID-19 has, specifically, put them at a higher risk of fraud.
It’s important that we demystify the world of cybercrime and help both consumers and businesses to improve their online confidence and fight back against the fraudsters.
What is payment fraud?
Payment fraud comes in many shapes and sizes, but essentially it happens any time something is purchased by someone who doesn’t have that right. With all today’s tech and data, how can a fraudster still manage to beat the system? Well, they could;
What can I do to protect my business?
Educate yourself and your teams, all the time! Fraud tactics and prevention tips change so quickly, it’s important to stay ahead.
Check your website is safe and set up processes and reminders to re-check it frequently. Out of date software or long-used passwords can create an open back door for fraudsters.
Every business that sells online has to meet the standards in the Payment Card Industry standards (PCI DSS). Make sure you’re compliant, as it will help protect you in the event of attack by fraudsters.
Only collect the data you need from customers – if you don’t hold data, fraudsters can’t steal it from you. Use encryption tools on your emails and business transactions to make your data difficult to use.
Report fraud as it happens. By working together and sharing new scams and updates, we stand a much better chance of beating fraudsters.
Anything else I should know?
This is just the beginning of a journey towards fighting payment fraud but getting to grips with the basics is a great place to start. If you want to know more and to stay up to date, there are lots of resources available on the links below. Or you could always give us a call, and talk to our expert Cashflows team…
Sources:
National Cyber Security Centre https://www.ncsc.gov.uk/
Action Fraud https://www.actionfraud.police.uk/