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Online Fraud: Best Practices to Protect Your Business

While the benefits of online payment are numerous, the dangers of cybersecurity also need to be considered seriously. It depends a lot on the payment solutions partner you have, as a reliable payment gateway like Payment Asia can protect you and your customers against fraud risks. Visit @ https://sites.google.com/view/payment-asia-kenneth-hk/online-fraud-protection

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Online Fraud: Best Practices to Protect Your Business

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  1. Online Fraud: Best Practices to Protect Your Business www.paymentasia.com

  2. E-commerce has changed the way people do transactions drastically. Every business, big or small, has an online presence. While the benefits of online payment are numerous, the dangers of cybersecurity also need to be considered seriously. It depends a lot on the payment solutions partner you have, as a reliable payment gateway like Payment Asia can protect you and your customers against fraud risks. Here is a guide to protecting your business from fraudulent activities online.

  3. Verification of Card Information Every debit or credit card will have a CVV number, a three or four-digit number printed on the card, generally on the signature strip. Only cardholders with physical possession of the card will have access to the CVV number. This way, it is unlikely that a fraudster can obtain the number through hacking of cyber data. A failure in CVV verification will lead to non-payment of transactions as it allows you to reject the attempts of someone without the card or with stolen data. You can assure the presence of a card by CVV verification, and it will reduce claims from your customers that they have not made the purchase. However, CVV verification does not protect from physical theft of the card. Similarly, the card information used in an insecure website can result in data leakage.

  4. Flagging of High-Risk Purchases If the information entered for the card or the cardholder is confirmed, you can reduce a lot of potentially fraudulent activities. However, data breaches can happen regularly. Certain organizations' systems get hacked by sophisticated software skills, and data get extracted and sold to someone who runs extensive fraudulent activities. Here a sophisticated payment gateway like Payment Asia can help to a great extent. Some algorithms developed can screen out the fraudulent entry of information, especially with discrepancies in billing and shipping address, country of origin for transactions, etc. A suspicious activity gets flagged, and improper payments can be detected before they go through.

  5. Even if there are fraudulent activities in business transactions, an online payment solution is the future of any business. It is a known fact that fraudsters will be present regardless of online or offline modes of payments, and therefore avoiding online solutions is not the option before you. Opt for payment gateways like Payment Asia that are efficient, secure, and trusted, and establish a relationship to get updates on newer technologies. Get in touch with Payment Asia’s Kenneth right away.

  6. Contact Us • 85231058028 , 85227542822 • services@paymentasia.com • https://www.paymentasia.com/en/ • https://www.facebook.com/pzgp.paymentasia • https://twitter.com/HK_PaymentAsia • https://www.youtube.com/channel/UCDd79bnKT0I4y0aiCKNQz6g

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