As the world moves ever deeper into the digital realm, it is becoming increasingly important to establish strong security measures to guard against cybercrimes, among which the most prominent is fraud. Today’s eCommerce businesses are experiencing an unusually high number of attempted fraudulent activities, but it is safe to say that many have learned the ‘secret’ to guarding against such nefarious deeds. While any one of the following suggestions can help to reduce fraud to some extent, the more of these measures you can employ, the safer your business will be.
1. ACH Network Security
Here is something you can learn from the masters of fraud prevention – the U.S. banking system and Nacha, the governing body setting rules and regulations for the digital transference of money that must be strictly enforced. Of the rules they have established, account verification is high on the list when it comes to moving money in cyberspace. The Yodlee bank verification process, for example, adheres to the Nacha rules necessary for any and all ACH payments.
It is highly recommended that you encourage your customers with recurring payments to set up an ACH payment plan through a strictly enforced payments processing company like that mentioned, and their well-monitored Yodlee bank verification process. It should also be mentioned here that this will potentially save your eCommerce business a lot of money lost on chargebacks due to fraudulent activity on a user account. Having verified the customer’s banking information, fraudulent attempts to purchase products from you can be stopped before they are ever processed.
2. Limit Access to User Accounts
We know that your life as an owner/operator of an eCommerce business can be extremely hectic with everything you are required to do. Not only do you need to order and stock products to sell but you also need to oversee marketing, hiring and training. Sadly, those are just a few of the duties necessary to keep your business afloat.
However, the one thing you absolutely must do is thoroughly vet anyone whom you will be giving access to user accounts. These accounts contain all the information that has undergone the bank verification process and, in the wrong hands, can lead to serious losses on your part. Until you have that one person you can trust with the lifeblood of your company, keep those kinds of files strictly to yourself.
3. Invest in Highly Ranked Security Software
There are several highly ranked security software packages on the market, so it is in your best interest to take the time to research those with great customer reviews. You might also want to read unbiased techie reviews to see what the pros have to say. It is important to ascertain that they are not compensated for that review. That is the only way to ensure they are unbiased.
However, what you are looking for is one that will be constantly updating their software as new threats arise. Cyber security is not a one and done kind of platform! As technology advances, cyber criminals are also advancing. It is imperative that you maintain top-rated cyber security and do stay on top of those Nacha rules and regulations to ensure that your ACH payments stay compliant. It is always better to be safe than sorry, and when it comes to cybercrimes like fraud, you need to stay vigilant.
