Page 58 - Payout Magazine Online Volume 8.6

Online Fraud:

Protect Your

Business

ost smaller businesses understand how be seen again. There have been cases where � Address Verification System
Mcybercrime has become increasingly even local counties have been targeted to lose
inventive in the last few years. The methods over $50,000. � Card Verification Code
of attack have grown in sophistication for
accessing confidential information and even Poor it infrastructure � 3D Secure
financial information. Some small businesses
don’t take nearly enough precautions, As a business owner, you can’t afford to address verification system (avs)
despite the media posting regularly about neglect your IT infrastructure because this
data breaches like with Yahoo!, Blue Cross lack of security can lead to costly break-ins This valuable security tool will check the
Blue Shield and Sony. The costs can be high, that will quickly escalate into full-blown data numerics of the billing address for the card,
not to mention the exorbitant fines from the breaches that leak all the credit card numbers and it will look at the address to see where the
government. Many businesses that experience of your customers. It can mean social security card has been registered.
a data breach will close their doors and never numbers become compromised as well. Not to
open again. Here are a few things that you can mention, if a data breach like this becomes a
do to protect your business. Card verification Code
reality, few customers will look fondly on you.
In fact, some of them will probably go over to It works as a three or four digit authentication
beware of bEC your competition, costing you even more from code, you will find this on the back of your debit
a ruined reputation. or credit card.
Business email compromise scams
have become an ever-growing threat with
each passing year. They’re one of the main the right Fraud tools: Protect your 3d secure
sources of online fraud. One of the ways that Business
cybercriminals succeed at this is through first You might look at this fraud prevention
extensively researching the company. Next, One of the first steps that you can take to tool as similar to what you have with an online
they build a fake profile of the business owner battle fraud is to configure your settings and version of a chip and PIN code. Instead of a
to mimic the style of the person. This form of screening tools against it. It will be seen on your PIN, however, you take advantage of a user-
cybercrime has also been called phishing or payments account. For most of the payment generated password to unlock it. This lowers
social engineering. The trick the hackers use is service providers, they will give you basic fraud the chance that a fraudulent card will be used
to deceive their victims into making a payment tools that will be easy to use for defending because it authenticates the cardholder and
over to a fraudulent account where it will never yourself. Some of the examples include: the time where the transaction took place.

58 PayOutMagazine