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Can you protect your business from online fraud?

On Behalf of | May 11, 2021 | Fraud

Online fraud has risen during the past year. With more businesses than ever forced online, fraudsters have taken full advantage. Juniper Research estimates online fraud reached $17.5 billion last year, and they forecast it will rise to $21 billion this year.

Trading online has always carried risks. Many companies shied away from it until they were confident they had adequate security in place and knew what they were doing. However, if you had to close your physical premises last year, you might have had no choice but to move online despite not feeling ready. It could have left you more vulnerable to fraud than companies who had prepared for the transition.

Complete online security may not be possible or desirable

Payment portals work hard to increase their security. Yet, digital criminals also grow their skills and knowledge. Hackers have hit everything from the FBI to Facebook, so it is reasonable to assume they will find a way around your E-commerce system if they want.

You could add endless security steps to your site. Yet as any web designer will tell you, user experience rules. No one wants to break into Fort Knox to buy a two-dollar pack of disposable razors. If using your site becomes too demanding, customers will go to the competition.

Keeping up to date with the latest developments and online scams can help you and your staff to spot suspicious activity before it happens. Yet, you cannot stop everything. Assume that some fraud will find its way through, despite your best efforts. A system of regular checks lets you spot if you have been a victim of fraudulent activity. You can then seek legal help to deal with it.