Fraudsters and cybercriminals are focusing their efforts on vulnerable businesses and breaches are on the rise with highly motivated cybercriminals. There are several steps you can take to help prevent fraudulent transactions in your business. Depending on the time of year, transaction patterns change but you need to stay alert to identify any unusual behaviour.
Some signs could include:
• Unusual foreign card use
• Shopper failing their address verification (AVS), Card Verification Value (CVV) or 3D-Secure (MasterCard SecureCode/Verified by Visa) checks
• Multiple purchases of the same and/or high-value items
• Inconsistencies in purchase data – i.e. UK billing address but US card and French IP address
• Multiple declines relating to the same email address, billing/delivery address, cardholder name etc.
Protect yourself Against Consumer Data Hacks
It’s also essential that you take a step back and review your online store to ensure it is secure. We often find that businesses hosting their own payment pages are more at risk. If your website is more than four years old, we recommend that you seek a comprehensive third-party review of how the site is configured and how you accept your payments.
One simple method to help avoid a breach is to have your payment page hosted by a trusted third-party provider. Their experience and knowledge would help you ensure your customer data is secure.
All businesses should also be PCI DSS compliant (Payment Card Industry Data Security Standard). This helps reduce the chance of fines in the event of a data breach, it would also show that your business follows current industry practices when securing your data.
If a breach did occur, you must report it to your card processor straight away, acting quickly could save you a vast amount of money in the long run.
We recommend that online retailers sign-up to AVS, CVV and 3D Secure as a minimum. You should also choose a payment provider that offers advanced fraud screening for transactions. There are several anti-fraud tools available which businesses make use of. Vetting any seasonal staff hires thoroughly is particularly important as well.
The aforementioned measures can involve extra time and effort, but they are essential for your business if you want to maximise your takings. Businesses who ignore the risk of cybercrime and fraud can put them at high risk.
If you would like further information on the essential anti-fraud tools that would help protect your business, please call us on 01752 546266 or email your account manager.