Top 3 reasons why your business needs fraud protection right now

Hacking- Fraud protection- Shufti Pro

DISCLAIMER: This piece was written as a pitch to a client. Parts have been removed and edited as requested, after its publication.

In a world where business transactions are as good as the system they are built on, security is paramount when it comes to financial transactions. An estimated 2.6 billion users are set to own a smartphone as of 2018. Between home automation and mobile banking, digital connectivity is set to take over a major chunk of our daily lives.

However, this improved accessibility works as a double edged sword as it gives potential hackers more room to maneuver and play with your personal data. Even the big corporations, with high budgets to work with, are in the cross-hairs of cyber-criminals more often than not. It is a known fact that prevention is better (and far cheaper) than cure as illustrated by the 2014 Sony Hack, which set back the company by a whooping $35 million. Now is the time to wonder; Is an investment in fraud prevention services on the cards for your company?

The bastion of fraud-prevention lies in effective verification of all assets, digital and real.

Being informed about cyber-criminals can help you better protect yourself from being a bystander if you are to come across hacking. Here’s what you can protect yourself from, if you make the right choices:

Credit Card Fraud:

Modern day credit cards come equipped with EMV chip technology, yet experts cite reports that credit card fraud is set to rise in 2018, with the cyber-criminals inventing completely new ways to rob credit card holders of their money. While manual monitoring of your credit card usage might be deemed a starter, it holds no sway as to when the hackers decide to use the card in an open-black market environment for unsolicited purchases.

More than 2.2 billion people were affected by cyber breaches last year. This number is set to rise by 10% in 2018.


Data Breach:

In 2017, more than 2.2 billion records were exposed by cyber-criminals in an attempt to invade privacy. Most of the internet bore the brunt of exposed credentials and invasion of privacy as hackers took advantage of lack of credentials verification and inserted false documents in system to take advantage. All of this could have been prevented or at least with mitigated damage, if the servers used a better document verification algorithm than the one that got bypassed by hackers.

Retail Fraud:

The most common fraud AND the most damaging to businesses that are new to the market is retail fraud, inflicted by chargeback issues. If you are a business owner of an established brick-and-mortar shop or someone who is just starting out in eCommerce, take note: Business Verification Systems are a life-saver.

A fraudulent customer, with stolen credentials, can set you back by a long way when that chargeback comes through from the real owner. The most pragmatic way of dealing with the issue is to install a business verification service.

With a fraud protection certificate, you are set to get a red flag whenever unauthorized use of a credit card is made on your site, allowing you to concentrate more on why you are in the business in the first place: to generate revenue.


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