As a business owner, there are a number of risks and dangers that you have to protect against. For example, if you own a brick and mortar location, you likely have security cameras set up to prevent potential theft or security tags for high dollar items. If your business is online, it’s also vital that you remember that your online store is also at risk. Payment fraud can be a major problem for online and digital businesses. We’ve compiled five ways to help you better protect your business.
Set Tougher Password Requirements
Most online stores allow customers to create accounts where the can store things like their name, address, card information, and purchase history. Unfortunately, while this is incredibly convenient for your customers, there is always the risk that someone could hack into an account and buy things using a customer’s details. To make this more difficult, you should make customers set more complicated passwords, which include numbers and special characters.
Use An Identity Verification Service
Even with a great password, it’s still possible for experienced hackers to get into accounts and spend your customers’ money. To make this even more difficult, you should consider using an identity verification service, like Jumio Netverify. Such services require users to take a picture of their ID and a picture of themselves so that you know for certain that it’s really your customer that’s making a purchase.
Monitor Daily Transactions
Another way for you to avoid any fraudulent activity is to keep a close eye on your customer’s’ transactions. You know your business better than anyone else does. If you monitor transactions daily, instead of weekly or monthly, you will be able to spot if anything is out of the ordinary.
Set Purchase Limits
If you don’t have time to complete daily audits, you may want to consider setting purchase limits. You can set these based on transaction trends so that customers can’t complete more than a certain amount of purchases per day or spend a certain amount of money in one day. This means that, if fraud does occur, the impact won’t be catastrophic.
Ask For The CVV
You probably already know of that there’s a three or four digit security code on the back of all credit and debit cards, but what you might not know is that you’re legally not allowed to store this code along with the rest of your customers’ personal information. Because of this, you should ask for this code every time a purchase is made. This means that fraudsters shouldn’t be able to buy anything unless they’ve stolen the physical card.