Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Business

Protecting your business (and your customers) when operating online

Published by Wanda Rich

Posted on May 20, 2022

Featured image for article about Business

Online threats to your business and your customers are lurking everywhere. From spammy emails to various data breaches, stealing your credit card information -It’s no secret that online fraud is a serious problem. Last year, consumers reported total losses of a staggering $5.8 billion in 2021, Approximately 2.8 million people filled a complaint regarding online frauds last year which is an all-time record. When it comes to all-size businesses, it is estimated that every dollar online businesses lose by fraud costs them $3.60.

A lot of online businesses were obliged to pay ransom to retrieve their stolen data, but the sad reality is that in most cases they’ve managed to retrieve only 45 percent of their data. Data is the lifeblood of your business and it helps you understand the patterns of behavior of your customers.

Educating your employees and performing security audits can help you with preventing such scenarios. It is also important to establish a strong password policy across the entire company. One weak password can compromise the entire company so you need to add an additional layer of protection – a great way is to implement 2-step verification when logging into your business accounts.

When it comes to protecting your financial assets, you know that there are numerous threats out there. Stealing your credit card information is the most common. A large amount of money won’t just disappear into the thin air like in the movies. It’s about the smaller transactions that can mean fraudulent behavior because they will definitely go under your radar. A virtual credit card can help. This industry is booming at the moment. A virtual credit card is a credit card that is not attached to a physical card. Instead, it is linked to your bank account and can be used anywhere that accepts credit cards. If you are not sure, compare all pros and cons to know the benefits of using a virtual credit card.

One way is to use an address verification service (AVS). AVS is a type of fraud prevention service that checks the billing address provided by a customer against the address on file with the credit card issuer. If the addresses don’t match, the transaction is declined.