Since fraudsters often target small businesses, they need to take precautions to protect their digital channels and their customers from eCommerce fraud.
eCommerce retailers need to take the same precautions to prevent fraud with an online store.
In a traditional brick-and-mortar store, you know how to prepare your staff and protect your store from theft and fraudulent activity. But with an online business, the stakes are greater.
eCommerce opens up a variety of opportunities for fraudsters to exploit your customers, and this can have far-reaching effects. According to a recent report by Cisco and the National Center for the Middle Market, 60 percent of small businesses that are hacked go out of business within 6 months1.
That’s where Fraud Management Essentials can help. It’s a lightweight, yet powerful fraud prevention tool designed to be used “out of the box” with no fraud team required.
Why do fraudsters target small and medium-sized businesses?
Fraudsters are strategic opportunists. They know how to find weak points in business systems to gain access to their targets. Cybercriminals constantly adapt to uncover new opportunities. And they know that smaller, independent businesses are less likely to have robust protection and fraud prevention protocols in place.
Smaller businesses may not use an offsite source or third-party service to store their backup data, making them vulnerable to ransomware. They also hold data that is highly valuable to hackers, such as credit card numbers, Personally Identifiable Information (PII), and they may also be used as leverage to break into the supply chain of a larger company.1
With that in mind, it isn’t surprising that 43 percent of cyber attacks target vulnerabilities within small businesses.2 Yet many small to mid-sized businesses say payment fraud is not a big concern. 48 percent think they’re too small to be noticed and 58 percent think they are less susceptible than large business.3
The reality is that small businesses don’t have visibility into transactional data, comparative data, or data validation required to ensure transactions are genuine.
To identify and intercept cybercrime, you need intelligent, automated machine-powered fraud detection tools. Combine the right tools with human oversight and informed manual reviews, and now you’re on your way to a robust, multi-layered, fraud management strategy.
Establishing a new fraud management strategy, or even optimizing an existing one, can be intimidating and daunting–it’s hard to know where to start, what to look out for, how to respond to attempted or successful attacks, or how you’ll manage it day to day. We’re here to support you on your journey to build your fraud management strategy.
Want to know if Fraud Management Essentials is right for your business?
Contact us today to learn how Cybersource can help you safeguard your business safeguard from fraudulent transactions.