How do you cope with the changing and evolving nature of e-payment fraud and risk?

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E-payments are convenient, fast, and popular, but they also come with risks and challenges. Fraudsters are constantly finding new ways to exploit vulnerabilities and deceive users, and businesses need to be prepared and proactive to protect themselves and their customers. In this article, you will learn about some of the common types of e-payment fraud, the impact they can have on your business, and the best practices for managing and preventing them.

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Nicolas Kadner

Wir senken deine Paymentkosten - in 9 von 10 F?llen 15% - 40% weniger Gebühren für eCommerce und lokale Unternehmen

1 Types of e-payment fraud

E-payment fraud can take many forms, including chargeback fraud, identity theft, phishing, and account takeover. Chargeback fraud happens when a customer disputes a legitimate transaction and requests a refund from their bank or card issuer. Identity theft occurs when a fraudster obtains someone else's personal or financial information to make unauthorized e-payments or open new accounts. Phishing is a type of cyberattack that involves sending fake emails or messages that look like they come from a trusted source to trick the recipient into clicking on a malicious link, downloading malware, or revealing their passwords. Account takeover is a result of phishing or other hacking methods, where the fraudster gains access to the user's e-payment account and makes unauthorized transactions.

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Nicolas Kadner

Wir senken deine Paymentkosten - in 9 von 10 F?llen 15% - 40% weniger Gebühren für eCommerce und lokale Unternehmen
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Of course, the completely opposite type of fraud also exists: "Merchant Fraud" This is where fake online merchants set up shops to sell non-existent goods or services, collecting payments without fulfilling orders.

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Chris Del Grande

President & Co-Founder ? Father ? Entrepreneur ? Payments ? 2x Inc. 500/5000 List ? Helping Small Businesses ? Connector
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In the digital Wild West of e-payments, sometimes the quickest draw is a fraudster with a keyboard. As technology races ahead, so do the cunning tactics of cybercriminals turning your convenience into their opportunity. Small businesses must not just lock the doors at night but also secure their virtual storefronts with savvy cyber practices. Think of cybersecurity not as an expense but as an investment in peace of mind. After all, a stitch in digital time saves nine headaches—and potentially thousands of dollars.

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Khaled Barakat

Retail Loss Prevention Specialist at DeFacto | Fraud Prevention, Asset Protection & Risk Management Strategist
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To cope with the changing and evolving nature of e-payment fraud and risk, you can: Stay Informed: Regularly update knowledge on emerging fraud tactics and trends. Implement Advanced Security: Use AI, machine learning, and real-time monitoring to detect anomalies. Conduct Regular Audits: Identify vulnerabilities through consistent system audits and reviews. Multi-Factor Authentication: Strengthen authentication processes for users and transactions. Employee Training: Educate staff on recognizing fraud patterns and responding effectively. Collaborate with Industry Networks: Share insights and strategies with other organizations. These steps help in proactively identifying and mitigating e-payment fraud risks.

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2 Impact of e-payment fraud

E-payment fraud can have serious consequences for your business, including loss of revenue due to chargebacks, refunds, fees, and penalties. It can also damage your reputation if customers lose trust in your brand and spread negative word-of-mouth or reviews. Moreover, depending on the nature and extent of the fraud, you may be exposed to legal action from customers, banks, regulators, or law enforcement agencies, resulting in fines, sanctions, or lawsuits.

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Nicolas Kadner

Wir senken deine Paymentkosten - in 9 von 10 F?llen 15% - 40% weniger Gebühren für eCommerce und lokale Unternehmen
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In most cases, fraud is not immediately noticed by a merchant. The invoice often comes later because, for example, payment service providers want to reverse non-payment claims.

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3 Prevention of e-payment fraud

To prevent e-payment fraud, you should use secure and reliable payment platforms that meet industry standards and offer encryption, authentication, and fraud detection features. Educate customers and staff about the risks and signs of e-payment fraud, and encourage them to use strong passwords and report suspicious activity. Additionally, monitor your e-payment transactions and data for patterns or anomalies that may indicate fraud. Lastly, establish clear policies for handling disputes, chargebacks, refunds, and returns and make sure everyone is aware of them.

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Nicolas Kadner

Wir senken deine Paymentkosten - in 9 von 10 F?llen 15% - 40% weniger Gebühren für eCommerce und lokale Unternehmen
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The convenience functions used by parcel delivery companies, which customers like to use, are also often used as part of fraud. For example, a customer can redirect a package to a different address in the shipping process. This is a security vulnerability that can be exploited. Therefore, you should speak to your payment service provider about the extent to which such cases are covered. You should also speak to the delivery person about what security measures can be taken to avoid fraud.

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4 Management of e-payment fraud

If, despite your best efforts, you encounter cases of e-payment fraud, you need to act quickly and effectively to minimize the damage and resolve the issue. Firstly, verify the transaction and the customer by contacting them directly or through their bank or card issuer. Secondly, gather and document evidence such as invoices, receipts, delivery confirmations, contracts, correspondence, or screenshots. Thirdly, if you believe that the customer is committing fraud, dispute the chargeback or refund request by presenting your evidence to the bank or card issuer, or to the e-payment platform or provider. Lastly, review and evaluate the incident and identify any weaknesses or gaps in your e-payment security or processes. Implement any changes or improvements that can help you prevent or reduce future fraud.

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5 Resources for e-payment fraud

If you want to learn more about e-payment fraud and how to deal with it, the Federal Trade Commission (FTC) offers tips and advice on how to protect yourself and your business from identity theft, phishing, and other forms of fraud. You can also sign up for the National Cybersecurity Alliance's (NCSA) newsletters and webinars to stay safe online, as well as access the Electronic Transactions Association's (ETA) publications, events, and training programs on e-payment trends and issues. Additionally, you can report fraud or identity theft to the FTC online or by calling 1-877-FTC-HELP.

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How do you cope with the changing and evolving nature of e-payment fraud and risk?

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1 Types of e-payment fraud

2 Impact of e-payment fraud

3 Prevention of e-payment fraud

4 Management of e-payment fraud

5 Resources for e-payment fraud

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