5 Tips to Protect Your Business When Dealing with Payments

With the rise of technology, a new state of commerce has emerged. “Card-not-present” transactions might pose a threat for your business. Protecting your business by not falling victim to fraud is becoming harder than ever before.

In an article from Entrepreneur, author John Canfield writes, “There are also situations emerging on these newer online platforms where fraudsters operate as merchants (rather than simply buyers), with the aim of defrauding the platforms and quickly disappearing before the platform realizes what’s happened. This leaves the platform on the hook for all fraudulent charges”.

In this article Canfield discusses:

• Educating yourself
• Start with simple protections
• Verify with social data
• Trust your instincts
• Don’t wait

Canfield continues, “We recommend that all businesses plan for fraud risks. For online platform providers, we believe that it’s even more crucial for them to ensure that their platforms remain a safe place to conduct business”. What steps is your business taking to combat fraud?

To read more, see the full article from John Canfield in Entrepreneur.