Turning Fraud Prevention into a Business Advantage | SayOne

Whenever you do any business online, there are chances of risks. Therefore, it is vital to be guarded on your digital store-front as well. The last two years have seen many businesses experience economic fraud in one way or the other. Why is fraud prevention so important? Firstly, the prevention of online payment fraud is a challenging task. Corporations have taken it upon themselves to prevent their customers from external attacks is of prime importance. Many have opted for methods that are better than what others have to offer. 

Online Payments Fraud Prevention 

Fraud prevention online methods are a must-have for any corporation these days if they are to be trusted by their customers. The most important component here is to get hold of precious data that would help you tackle online fraud. This has been brought into focus because of the enormous rise in ecommerce transactions in the wake of COVID-19. Online payment frauds are those related to the sales of digital and physical goods, money transfer transactions, and banking. Attacks include the likes of business email compromise, phishing and social engineering frauds. In this blog, we attempt to tell you why corporations have to improve their defenses against online fraud and throw light on some fraud prevention techniques. 

Looking for web or mobile app development services? Get in touch for a free consultation.

Importance of Fraud Prevention 

Fraud prevention is the name given to a strategy to detect fraudulent online purchases/banking transactions and prevent them from causing financial and reputational damage to the customer and/or financial institution. Other aspects include the frauds that emanate from the Dark Web. Here, fraudsters exchange stolen information and monetize it by using sophisticated malware techniques. However, your organization can always strive to remain a step ahead of the fraudsters by ensuring your company’s online security.

Who all needs to Prevent Fraud

• E-commerce Industry
• Banking and Financial Institutions
• Cryptocurrency
• Hospitality sector
• Common Online Payment Schemes

• Personal Fraud
• Business Fraud

Fraud Prevention Techniques - Machine Learning

One of the most advanced technologies used across different industries is machine learning (ML). ML can be used as a viable tool for both the detection and prevention of online fraudulent activity such as blackmailing, breaching servers in search of valuable data, etc.

Download our eBook for FREE “Global Software Development Rates – an Overview”.

ML works by detecting fraudulent activities based on the information it has received up till the instant and provides an instant response to any suspicious activity. Your organization would receive valuable insights for fighting any future case that may occur.

Intrusion Detection System

Cyber attackers obtain data like clients’ personal information or sensitive business information. Intrusion detection technology helps to analyze activity on internal networks or other systems to detect intrusions, suspicious activity, and/or authorized attacks.

Read our blog “How to ensure security standards in Mobile App Development”.

Secure Payment Gateway

Payment gateways can be designed to provide customers with convenience and security of transactions that are carried out. 

Encryption of Data

Another important aspect is the encryption of confidential data, like clients’ credit card information, etc.

Use Fraud Prevention to Gain Over your Competitors

Offering your customer a seamless and secure online experience every single time will convert to sales and brand loyalty. However, you have to invest in reliable systems that aren’t vulnerable to internal or external attacks. The first step is the importance of realizing the importance of online fraud prevention and implementation of fraud prevention technology. This would save you time, money and resources.

Conclusion

The risks of not using online fraud prevention technology can have a more negative and long-lasting economic impact than what the fraud techniques that attackers use bring about. The best thing is for you to get it done at the earliest. 

Do you have a web/mobile app idea? Contact our business analysts today!