It’s Only a Few Clicks Away
Since the COVID-19 pandemic, online shopping has skyrocketed. No more waiting for stores to open up, no more crowds, and no more waiting in long, tedious lines. Consumers want convenience, and with the power of “add to basket” in this tech era, anything is possible. Products and options are endless, and the best part is you can online shop from anywhere at any time. At home, at the doctor’s office, while you’re lying in bed, everything is open 24/7, making your shopping experience that much better.
But it’s not all rainbows and unicorns when it comes to the online experience. Online shopping may be quicker and easier, but it also subjects us to the world of credit card fraud.
Credit Card Fraud
Credit card fraud has been growing rapidly over the past few years, and even more so now that online credit card transactions are more common, making people and organizations an easy target for scammers. According to the FBI’s 2020 Internet Crime Report, 17,614 people reported falling victim to credit card fraud worth close to $130 million in the United States alone. But according to The Nilson Report, on a global level, that number reached to $27.85 billion in 2018 and is expected to increase to $40.63 billion in ten years. If you haven’t been a victim of credit card fraud yet, count yourself lucky!
Credit card fraud impacts a lot more people than you think. It includes the merchant, the bank that issued you your card; the consumer, us who are targetted; and businesses who spend a fortune to protect themselves from fraud. It’s tough to keep up with. Scammers eventually find ways to work around the system, forcing companies that issue credit cards to have to continuously invest in the latest technology to ensure they are well protected.
Reduce the Online Risk
Although avoiding credit card fraud completely is inevitable, there are many ways you can reduce the risk and keep yourself and your information private. As many businesses now are operating in-office and remotely, it is important to be aware of proactive tips that will protect your company’s security and avoid being a victim of cyberattacks:
- Recognize the types of sensitive information you have and need to protect, is an excellent start to protecting your business assets (intellectual, financial, personal / client information, credentials)
- Take time to educate employees on how to protect company data — credit card information, attachments in emails, and changing passwords frequently is necessary
- Confirm that there is an active firewall in place and that systems are compliant. Hosting should have patching/security vulnerabilities
- Hardware should be secured (laptop, phone, credit cards)
- Hire an expert to evaluate risks and protect your data
- Many applications and systems offer the option of adding a layer of security when you log in (multi-factor authentication and biometric log-in systems, back up data, change passwords often, keep operating systems up to date, use of antivirus software)
- Being aware of the different types of threats and reporting when you see suspicious information right away can assist in preventing or stopping an attack
Netsweeper’s Solution for Businesses
Whether you’ve one employee or 100 employees, credit card fraud can hurt a business. For larger ones, it may seem like a few dollars to them, but for those mom-and-pop shops it can be a make or break.
Netsweeper’s nClient works with MDM solutions that allows businesses to enhance data security by controlling devices, tracking location of devices in real-time, and enforcing policies that protect the business’s compliance rules and employees from malicious cyber threats. For more information on how Netsweeper can benefit your business, download our brochure or book a demo with one of our solution experts.
Submitted by: Natasha Pande