The rise of e-commerce has brought convenience, but it’s also attracted fraudsters. With online payment fraud costing businesses billions, it’s crucial to understand the dangers and how to protect against them. Here are six of the most common fraud trends and how to outsmart them:
- Identity theft: Fraudsters impersonate trusted websites to steal personal data.
- Solution: Educate customers about phishing and use secure payment gateways with trust signals.
- Business email compromise: Scammers trick employees into making fraudulent transfers.
- Solution: Implement strict email protocols and use centralised financial apps to spot anomalies.
- Payment interception: Fraudsters hijack transactions by directing users to fake payment pages.
- Solution: Always verify payment pages and use reputable gateways with refund options.
- Password or code hacking: Scammers gain access to accounts by cracking passwords.
- Solution: Encourage strong, unique passwords and employ secure payment partners.
- Refund fraud: Fraudsters request refunds after receiving goods, often exploiting return policies.
- Solution: Be clear about return policies, request proof of return, and consider restocking fees.
- Website takeovers: Hackers gain control of e-commerce stores to reroute payments to fraudulent accounts.
- Solution: Use up-to-date security plugins and regularly audit your store’s apps and credentials.
Despite these threats, digital payments are the future. Stay informed, use secure payment methods, and protect your business from fraud. Click here to learn more!
