New Four Ways To Protect Your Online Business From Credit Card Fraud
Every day we keep hearing more and more about credit card frauds that cause online businesses huge troubles. Not only that cybercriminals steal money from online businesses but their wrongdoings can completely ruin a company’s reputation.
So, if you’re running an online business, you might want to think about investing some money and effort in protecting your company from credit card fraud. And if you’re wondering how to do this, here are four ways that are guaranteed to do the trick.
Tracking the location of your customers
One of the first things you should do when trying to protect your business from credit card fraud is to start tracking your customers’ IP addresses. This way, you’ll be able to notice if there any significant changes in location have been made.
Of course, even if you notice a change has been made, it doesn’t mean you’ve been a victim of fraud since a customer of yours can always decide to shop from a different location or relocate.
In situations like this, you shouldn’t be overly protective, as your customers will start thinking you don’t trust them which is never a good thing. A simple additional step of verification for those who don’t shop from their usual location is more than enough.
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Identify proxy servers
We’ve talked about tracking your customers’ IP addresses but that may not always be enough to keep you safe from fraudsters. These cybercriminals might decide to use an anonymous proxy server in order to keep their real location secret. For example, let’s say a fraudster from Brazil wants to buy something from you using a stolen credit card with a billing address in New York.
They’ll use a proxy to hide their real IP address and use one that appears to have come from New York. This tends to work simply because the IP address they use matches the location on the billing address. Luckily, there are free websites you can use to check whether or not a given IP is hiding behind a proxy. It might be a good idea to turn to these every time you notice something suspicious.
Achieve PCI DSS compliance
Another great way to keep your online business safe from credit card fraud is to make sure you’re following PCI DSS. This is short for “Payment Card Industry Data Security Standard” and can be defined as an information security standard for companies that handle credit cards. In order to achieve PCI DSS compliance, you’ll need to follow a whole range of methods and protocols for keeping your online business safe.
This includes things such as network protection and card safety. Investing in network protection is extremely important since you need good anti-malware software that’s going to keep fraudsters at bay. Tokenization is another interesting option, as it includes replacing your data with a token that hackers have no use for.
Stay updated on credit card fraud
We’ve already mentioned that credit card frauds tend to happen quite often. So, besides protecting your online business from these you might want to stay updated on the latest credit card frauds that have taken place.
That way, you’ll know what hackers are up to and what you can do to prevent them from targeting your online business. And don’t just keep an eye on the card, number, and identity frauds but stay aware of ransomware and invoice frauds as well.
Hackers are constantly becoming more dangerous and we can’t possibly imagine what they’re going to come up with next.
While there are so many things you’ll have to do to keep your online business afloat, one of the most important goals you’ll need to set is protecting your business from credit card fraud. Fail to do this, and you might end up losing money and having your reputation tainted.