Fraud prevention is a huge pain point for business owners, especially for those who have a lot of other tasks on the agenda. Up to 98% of business owners experience fraud at some point, and many lose up to 3.5% of their annual income to successful fraud attacks, according to this article from PYMNTS.
If you’re ready to take the next step in fraud prevention, then it’s time to start conducting data-backed research on strategies for fraud prevention or even hiring a payment processing specialist. I’m here to help you every step of the way. Follow these tips for fraud prevention.
Consider ID Verification
If you’re shifting your services to online sometime in the near future, investing in digital ID verification ensures that there’s a real person making a transaction behind the screen. This type of software prevents fraud in real time and includes cool features like Face ID and two-step verification.
With the right ID verification system. you can stop fraud in its tracks without having to deal with messy paperwork or extensive phone calls to report the incident to the bank. All of your customer information is safe in one secure system.
Create a chargeback strategy
Dealing with a large volume of chargebacks is crippling to business owners, especially in cases when credit card companies fail to be advocates. The best way to tackle the issue is with the right chargeback prevention strategy.
If a chargeback does occur, make sure you’re contacting the customer directly to solve the incident first, instead of the credit card company. Make sure all of your documentation is updated with the right information and your employees are up to speed with how payment processing works in your company.
To aid in prevention, consider adapting to new anti-fraud technology. When you work with me, I can recommend the right technology to help you get ahead of the chargeback game all while saving money.
Analyze your business data
As you begin to adapt to update your business processes, you’ll want to take time to analyze your business data on a monthly basis.
As you adapt to a more regular schedule of getting in touch with customer behavior, you may begin to notice some trends. For example, is there a trend or any similarities between cases of fraud? Is there anything your team can do to tackle this issue right away?
To learn more about fraud prevention, get in touch with me by visiting my website or calling 617-843-5700.
