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More businesses are being started up online than ever before, and with that, a new study conducted by the American Express Company, Accertify, indicates that these businesses face an ever-growing threat of payment fraud.
A certified survey to 105 respondents from merchant companies in December 2020 found that 38% of merchants saw an increase in online payment fraud last year, and 25% suffered from an increase in identity theft.
Tune in to the Business Beat, below, to learn what online merchants can do to protect their businesses from these threats:
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Good morning, Paul.
You know how much I’ve advocated on the Business Beat for entrepreneurs to go online if you’re going to be in business today. And in record numbers, businesses are being started online like never before. But now, a new study conducted by the American Express Company, Accertify, indicates that businesses online face an ever-growing threat.
What is it? It’s payment fraud. A certified survey to 105 respondents from merchant companies in December 2020 and it found the following of greatest concern: well, 38% of merchants saw an increase in online payment fraud last year, and 25% suffered from an increase in identity theft. Other areas of fraud concern? Gift card fraud, and fraudulent use of promotion coupons.
So, given these threats and others, what can online merchants do to protect their businesses from this type of abuse?
First, get a good technology vendor on your side who can guide you to the best cybersecurity and fraud prevention tools. Think you aren’t vulnerable? You are, and sooner or later, your number will come up.
Next, put strong identity validation in place so you only allow well-intended customers to conduct transactions on your site. And one more, make it a regular discipline to cleanse your email list so at the very least, you don’t invite back the bad guys with your email campaigns.
Look, you followed the conventional wisdom and you’ve gone online to conduct your business. You’ve worked hard to come up with a great idea and to make it happen and to execute every day with focus and conviction. Don’t let the bad guys cut into your profits and take from you what you’ve worked so hard to earn. This is a call to action, everybody, to take this seriously and make it a priority now.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.