How Online Retailers Can Reduce Fraud And Cyber Crime

Selling your products and services online can be a convenient and cost-effective solution for many budding businesses.

While eCommerce offers many advantages to businesses, it does come with some downsides. One of the most significant is the potential for fraud and cyber attacks.

Online fraud and scams are rising in the USA, both for consumers and businesses alike. For companies that sell online, fraud can lead to serious problems and increase the cost of business.

If you’re a business leader that sells products or services online, then you need to do everything in your power to prevent fraud and reduce your chances of being scammed.

While some ideas, such as installing anti-virus software, are obvious, there are some easy tactics that busy business leaders might overlook.

In this blog post, we’ve listed a selection of simple but helpful tips that can help you to reduce fraud and cyber crime.

Know The Common Tricks

Staying informed about common eCommerce fraud strategies is an important part of your cyber safety strategy. Consider following cyber security blogs online to find out more about the new techniques that criminals are using to defraud eCommerce businesses so that you can be vigilant. Once you know what you’re up against, you’ll have a greater chance of being able to put strategies in place to deal with these issues. Fraudsters change tactics regularly, so you need to make sure that you keep yourself informed and review your processes often.  

Use Bank Account Verification Software

Using stolen credit card or bank account details is a common way for cyber criminals to target eCommerce sites. If your company is paid with a stolen or fake account, then you might have to return the money, or the transaction might not be completed at all. To reduce the chances of this happening to your online store, you should work to find a bank verification software tool that is comprehensive and uses cutting-edge technology to verify accounts fast. You can then reduce your chances of dealing with a fraudster and also improve your compliance with regulations like NACHA and GDPR at the same time.

Monitor Your Corporate Accounts

Corporate bank accounts, particularly for businesses that sell online, frequently have many ingoing and outgoing costs. Fraudsters often rely on this, as they know that small sums that are missing are less likely to be noticed by busy entrepreneurs and business leaders. As such, you need to be vigilant and review your business bank accounts regularly. If you notice any transactions that you don’t recognize, then you need to be proactive and investigate immediately. You should also contact your bank and put a stop on transactions if you’re unsure about a transaction. You can then review the situation and ensure that your corporate accounts are safe.

Fraud and cyber crime can be devastating for any business, and that’s particularly true for eCommerce companies. These tips should help you to find ways to protect your eCommerce business and reduce your chances of fraud impacting your online sales.