We may sound like a broken record when talking about fraud. The reason is that we recognize how quickly one fraudulent charge can completely alter your business. With the rise in EMV security chips, more and more fraudsters have been turning toward e-commerce sales to get their fix. This article from Credit Union Times explains how criminals exploit new platforms of financial institutions and e-commerce businesses to take advantage of the lack of security that often goes along with them.
Part of the reason for this rise in online fraud directly ties to the growth of e-commerce and mobile shopping in the last few years. Where transactions were once limited, they are now growing at an exponential rate, but much of it is that criminals are switching from face to face from to online fraud. Fortunately, the tactics of fraudsters can be learned and defended against, but with the creation of new technology and software, it will never be a battle that is never completely won. The burden rests on you, the store owner, to do your best to prevent fraud at every turn, stay up to date on fraud mitigation tactics and software, and use good old instincts and manual order reviews to ensure honest transactions at every step. If you would like to discuss fraud prevention and mitigation for your business contact us anytime.