How to Get Your Business to Avoid Fraud Online
If you are looking for payment solutions in Malaysia, look to work with a service provider who can help you prevent online fraud.
What is online fraud?
Using the internet to cheat people or businesses in various ways is called online fraud. There are different types of online fraud, but the most common types are email scams, fake lotteries or contests, and stolen credit cards. Since a lot of transactions take place online these days due to e-payment technology, it is extremely important to be alert and stay away from fraudsters. Therefore, how can you protect yourself and your business from online fraud? How can you keep your business safe from fraudsters who are on the prowl? Here are some tips to protect your business from online fraud.
Verify the card information
Every debit or credit card has a verification code printed at the back. This code is a 3 or 4 letter code. The code ensures that the customer has a physical card. If it is a fraudster, they will withdraw their plan because they will not have this code with them.
Verify the customer’s address
In case the fraudster does have the actual card of the customer, verifying the actual address with the address on the system helps. If there is any mismatch between the two, the transaction will be rejected.
Setting limits
When it comes to e-payment technology, it is helpful to set limits for each customer such as limits on purchase or orders for each day. Usually, fraudsters will want to make big purchases, and this will keep them away.
Maintain customer information
Making sure that you have the customer’s important information such as address, phone number etc. in your database is helpful in case of any verification.
Security checks
Along with other precautions, it is important to conduct security audits for your business regularly. You can never anticipate a security breach thus it’s always best to double check, before information gets stolen.
Updated software
With latest technology, fraudsters are becoming clever and innovative. That is why it is very important to ensure that your software, applications and operating system are updated. Further, always ensure that you keep your antivirus software updated to the latest version.
Protect bank accounts
Your personal and business accounts need to be separate. Make sure your bank has a good security system. Regularly change passwords. Do not leave bank information lying around so that they do not fall into the wrong hands.
Employee background check
When you are hiring new employees, it is crucial to do a thorough background check on the individuals. Do not rely only on references or qualifications. Payment solutions in Malaysia are growing in leaps and bounds. Take advantage of the opportunity to boost your business, but also take adequate precautions to protect your business from fraudsters.
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