Consumers are not the only ones that need to take care of card data theft. Businesses and companies are also a prime target for these online fraudsters as there are numerous ways in which your data gets in a vulnerable state, ultimately leading to serious financial implications. Most of the time, credit card fraud transactions require information like account number, account name, and date of birth that is obtained through email, by compromising financial data, and even over the phone. It’s up to the businesses to step up the game and take adequate measures to keep their data safe from these online thefts. In this article, we will discuss the ways businesses can follow to keep their data safe and prevent credit card scams.
Commercial Data Theft
Stealing credit card information from businesses affects a lot of people and compromises the reputation of the business. For this reason, vigilantly monitoring financial information is crucial to avoid these attacks. In case the company’s credit card data falls into the hands of a scammer, it can result in financial loss, create cash flow issues, and damage the relationship between the company and its customers. There are a lot of precautionary steps a business can take to avoid theft in the first place. Without further ado, let’s begin.
Keep the Data Secure
Besides protecting the customers’ credit card information, businesses and companies must keep the company credit card in a safe location. If the card needs to be used physically, ensure to take preventive measures beforehand like upgrading to an EMV chip card or using a smart wallet with card-reader protection. Taking these measures is necessary as credit card thieves have sophisticated tech that can easily obtain account information in a split second. Furthermore, never share any information with seemingly untrustworthy sources, especially when paying online. Most internet browsers automatically prompt you if you are trying to access a dodgy website, so it’s best to avoid proceeding to these websites. One important thing to remember is to never share any form of personal or credit card information in emails, internet messaging apps, and over the phone, because this information is only intended to be kept personal.
Effluent businesses have a huge cash flow, making it difficult for accountants and owners to find discrepancies. If your credit card data falls into the hands of fraudsters, unauthorized activity can occur that will eventually cause you more trouble. Always review credit card payments to help in identifying whether unauthorized transactions might have occurred. If you find any unfamiliar transactions, contact the credit card company right away and report the fraudulent activity.
When your business is utilizing a POS system, there are higher chances of a fraudster to be using card skimmers that can easily collect credit card information and transfer the information into a fake one. However, they would have to physically access your POS device and rig it with a skimming chip. Keeping the POS devices safe after duty hours and adding inspection of the system at least a few times a week to be on the safe side.
Most businesses nowadays require an online presence that comes with its risks. Around two-thirds of credit card frauds fall into the category of card-not-present fraud in which the scammer has the relevant account information and doesn’t require the card to be used physically. Moreover, look for chargeback frauds where fraudsters posing as customers try to claim back an amount paid previously for products or services. Investigate the matter accordingly and address the customer’s concerns if they are genuine.
In this digital age, training your employees to understand everything about phishing, scamming, and online frauds helps in creating a relatively safer working environment. This type of training session makes the employees aware of the threats they might have to face, especially when working online.
Consider Payment Methods
Besides having a POS system, there are also several ways you can perform safe transactions
between a customer and a business. Recently, mobile wallets are gaining a lot of popularity as they are a safe way to receive payments without the hassle. There are a lot of legitimate online wallet services that you can choose from which will let you receive payments without the hectic paperwork, ultimately improving your workflow.
Get Professional Help
Whether you are a small company or a big business, checking on finances, securing sensitive information, and completing the relevant paperwork takes a huge chunk of time from the day. Several experts are offering their services by providing secure digital workspaces that employees can use to work on, store, and share sensitive information. Moreover, the services include secure payments, protection of customer data, and financial information that could be stolen. Because these are highly important information, the industry professionals at
https://www.securetrust.com/payment-card-industry-compliance/ emphasize the importance of conducting vulnerability tests and penetration scans. This is done to make sure your workspace stays protected from cyberattacks. If you are interested in getting third-party help, research thoroughly and consider every possible option before you make a decision. Besides getting help to streamline workflow, you can also hire cybersecurity experts to upgrade your network or tweak up the already present security systems to prevent cyberattacks.
Technology has undoubtedly helped in making secure payments over the internet. Virtually, every type of business nowadays can benefit from encryption services that protect customer data and prevent theft. There are three types of encryption services you can opt for depending on what areas you want to apply encryption. These services also have an added layer of security that can alert you in case of a data breach.
Frequently Change Passwords
For online businesses and individuals who frequently use their banking information to make transactions, changing passwords after a few days makes it hard for a scammer to figure it out. Moreover, never use simple and easy-to-track passwords. These online identity thieves use sophisticated algorithms that can figure out simple password combinations. The best way is to use a combination of letters and numbers having at least 16 characters.
This method is highly effective in protecting sensitive credit card data as it separates all the important information and makes a secure segment within a network. After network segmentation, the relevant credit card data will only be accessed and stored at a single location, making the data safe from attacks and a reduced risk of cyberattacks. However, this method is a bit costly as it requires a lot of sophisticated hardware and maintenance to keep the data secure.
Work on Data Minimization
For a customer to make a purchase, storing credit card information might not be necessary, especially for businesses that don’t rely on digital payments. You can keep the credit card information to a minimum and avoid taking unnecessary information to securely handle the data. Furthermore, you can determine employees that should be given access and limit others to minimize the chances of data breaches.
Online retailers can become a victim of this fraud where the scammer places an order using a stolen credit card and then proceeds to receive the purchased goods at a different address or by another person other than the credit cardholder. Keep an eye out for this fraud and investigate accordingly if you find any suspicious activity.
Using Fraud Protection Services
There are a lot of fraud-protection service providers that help you in improving your credit card theft prevention strategy. Most providers also use high-end software that aids online retailers in making secure transactions and detects data breaches that could compromise the business. Nowadays, fraud protection services also offer AI-assisted software that performs real-time transaction monitoring and can easily detect any suspicious behaviour.
Upgrade Your Computers
Online scammers are always improvising and finding new ways they could compromise security and gain access to related information. Outdated hardware and software are two weak areas that cyberattack criminals can exploit to obtain sensitive information. Besides getting hardware upgrades, update the system’s antivirus and anti-malware software up to the latest patches. Lastly, scan the network and files regularly to find bugs or potentially harmful files that could compromise the data.
Taking Measures Individually
Here are some tips people can follow individually to decrease the likelihood of becoming a victim of credit card theft.
- Always avoid sharing bank information, credit card details, and other credentials over the phone, via email, or even when people show up at your front door claiming to be officials.
- Keep an eye on your card and never lose sight when performing physical transactions.
- Passwords, pin codes, and related information should not be shared with anyone.
- Keep your digital devices secure by updating them with the latest patches and security updates.
- Ensure the companies you want to conduct business with are reputable and trustworthy.
- Check your post to monitor your statements and always use a shredder when disposing of these documents because they contain sensitive information that could be used by fraudsters.
Credit card frauds, identity thefts, and other online criminal activities can be averted when a powerful yet flexible strategy is implemented. We hope that you find the provided information useful and help you in preventing these scams from affecting your business.