![]() In this case, not only are you not solving the problem, but you’re also damaging your reputation. It’s important to use a reputable company for this as an inaccurate system will likely approve fraudulent transactions and decline genuine ones. The software works by evaluating and authorising a transaction based on a set of pre-populated rules. With the help of decisioning software you are far more likely to pin-point fraudulent transactions early. #4: Employ smart decisioning software to seek out fraudulent activity This is especially the case if you keep it on a separate network to the rest of your company. #3: Separate the technology used for your company’s financial activitiesīy having dedicated technology that you use for your company’s financials, you reduce the risk of cyber criminals finding a way in. To ensure the encryption of your customer’s information, ensure that all login and payment pages are https rather than http. Essentially this encrypts the data being sent to and from this page so cyber criminals can’t read it. URLs with http or https at the beginning are clearly similar, except for that very significant ‘s’ – the ‘s’ stands for secure. ![]() #2: Secure the payment pages of your website Secondly, if multiple orders are being sent to the same address, but were each purchased using a different payment method – this may be a sign of fraudulent activity. One of the clearest red-flags for any type of financial fraud is a high value first time purchase. #1: Be on the lookout for suspicious behaviourĬonsumers may not always notice when their e-Wallets have been compromised but there are some unusual patterns that you can look out for. So what can you do to protect both your business and your customers from this? Because it’s so enticing and convenient, consumers are likely to set it up without researching the risks – which means it’s often up to the organisations they’re interacting with to protect them against fraud. We live in an age of instant gratification and this software-based system allows consumers to purchase products and services and conduct their financial admin at the push of a button. In short, an e-Wallet is a convenient way of digitally collating funds, passwords, loyalty cards and allows the bearer to make financial transactions and track payment histories online. Whilst the birth of digital payments can be traced back to the late nineties, e-Wallets have been rising in popularity for the last decade. Or are they? Like most digital assets, e-Wallets are vulnerable to cybercrime, so when all of your finances are stored in the one place, how confident can you be that your assets are protected? In this blog we’ll delve into the world of digital finances and look at what you can do to protect your business and customers from e-Wallet fraud. They’re fast, convenient and most importantly – secure. E-Wallets or Digital Wallets are fast becoming the go-to method for conducting financial transactions. ![]()
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