Business Fraud Prevention

Fraud is on the rise. Are you surprised? According to the FBI, credit card fraud complaints increased 10% last year. Losses from said fraud increased 22%, with losses surpassing $12.5 billion. There’s no doubt that technology has leveled the playing field for cybercriminals. 

 

AI and machine learning advancements have made it much easier for ambitious thieves to commit identity theft and credit card fraud. They can purchase consumer information on the dark web and use social media to create a pastiche of information—a sort of Frankenstein’s monster—for impersonating unaware consumers.

 

SMBs are particularly targeted for data breaches and cybercrime. Criminals know that SMBs may lack the resources that larger corporations can devote to cyber defense. Something as simple as a fraudulent email can become a Trojan Horse for a massive data breach.

 

Even the largest, most well-protected companies can fall prey to such schemes, as Target did in 2013. Can SMBs with less than 50 employees hope to fend off the ever-increasing onslaught of cyber-criminality, aided as it is by machine learning, AI, and cryptocurrency?

 

What about businesses that store customer credit card information for monthly payment processing? What about businesses with remote workforces? How can you tell a fraudulent, phishing email from a legitimate one? These are a  few of the questions we’ll look at as we take a deeper dive into debit and credit card payments and fraud prevention.

 

Did you know that friendly fraud is also on the rise? This is a type of fraud where customers will misrepresent a transaction to take advantage of a legal landscape that favors consumer protection…but at what cost to businesses? Learn about how to avoid this type of fraud and others in our latest blog posts.

Payment Solutions

Digital Identity Verification and Payments

 — 16 minutes

Digital identity verification enhances transaction security and streamlines KYC compliance by using advanced digital ID methods.

Payment Solutions

The Impact of Quantum Computing on Payment Security

 — 15 minutes

With AI advancements and quantum computing on the horizon, payment security may be threatened. Here’s what you need to know as a business.

Payment Solutions

AI and Machine Learning in Fraud Detection

 — 11 minutes

Machine learning and AI technologies have revolutionized payment security, enabling more efficient fraud detection systems for businesses.

Merchant Tips

Friendly Fraud: What Is It And How To Avoid It?

 — 14 minutes

Friendly fraud does not involve third-party criminal activity. Rather, it occurs when a cardholder purposely or accidentally issues a chargeback.

Payment Solutions

Navigating Global Payment Regulations To Ensure Compliance

 — 13 minutes

Accepting global payments can be challenging due to varying regulations. But, the potential rewards can be advantageous.

Credit Card Processing 101

Fraud Management Solutions: Does Your Business Need One?

 — 11 minutes

Layered fraud management solutions use various advanced methods to prevent fraud losses that can significantly affect businesses.

Merchant Tips

Corporate Transparency Act Of 2024: What Businesses Need to Know

 — 19 minutes

The Corporate Transparency Act went into full effect on January 1, 2024 & It will impact millions of businesses.

Merchant Tips

Remote Work Security: Challenges and Solutions

 — 19 minutes

Remote work security is essential for businesses that have employees working outside of the workplace.

Merchant Tips

11 Ways to Prevent Data Breaches in Healthcare

 — 15 minutes

Over the past 15 years, 360 million medical records were compromised. To prevent data breaches in healthcare, implement security measures & educate staff.

Payment Solutions

Secure and Compliant Payment Processing for Healthcare Practices

 — 17 minutes

HIPAA-compliant payment processing for healthcare facilities is crucial, ensuring secure, private, and legal transactions, safeguarding patient data and trust.

Merchant Tips

Protect Your Business Against Email Scams

 — 14 minutes

Learn how to protect your business against phishing scams. compromised business emails and phishing attacks threaten, exploit, and can be financially disastrous to any business.

Merchant Tips

9 Tools to Protect Your Business from Credit Card Fraud

 — 16 minutes

Strategies to prevent credit card fraud

Credit Card Processing 101

Do I Need To Be PCI Compliant?

 — 15 minutes

Do I Need to be PCI Compliant? See what the Payment Card Industry has to say about merchants who are PCI compliant.

Credit Card Processing 101

POS Best Practices For Transaction Security

 — 16 minutes

POS Best Practices For Transaction Security 1. Use The Most Up To Date POS Hardware 2. Do Not Leave Your POS Unattended 3. Monitor Activity.

Credit Card Processing 101

What Does PCI Stand For and What Is PCI Compliance?

 — 14 minutes

PCI compliance is when a merchant follows standardized regulations for credit card security put forth by the PCI Security Standards Council.

Credit Card Processing 101

Free WiFi: Your Business’s Biggest Vulnerability

 — 14 minutes

Businesses can attract more paying customers by offering free WiFi. But it also comes with risks that you should be aware of.