Fraud Prevention Measures To Help Merchants Avoid Scams

Payment processing platforms are now commonplace in the online world. There platforms provide a quick, easy and secure means to transfer funds. Processing platforms such as Payza support both individual users and businesses accounts. Individual users can now easily send and receive money even across international borders. Merchants can open Payza business accounts for their business needs.

Business Users

Features available to Business users include shopping cart integration, tokenized payments, split payments, in page checkouts, invoicing via email, credit card and bitcoin processing. Payza also provides value added services such as currency exchange, fraud screening, global payouts and dispute resolution. However according to founder Firoz Patel, Payza Fraud prevention measures are what makes the platform most attractive to merchants.

Scams And Fraud Prevention

Payza has an extensive online security fraud prevention strategy to ensure cyber criminals do not compromise user data and accounts in any way. This is a must for any payment processing platform. Before choosing an e-wallet provider, merchants should ensure the following measures are in place:

  • The provider should have a strong online security policy that clearly states how sensitive user information will be handled. Users should be notified if any of their details are being shared outside the provider’s network.
  • The provider should encrypt sensitive data that is being stored and must take all necessary network and cybersecurity measures to ensure that hackers do not gain unauthorized access to this data.
  • In case there is any data breach at the provider’s end, it is the provider’s responsibility to send out alerts and notifications to its users so that they can take steps to safeguard themselves.
  • Merchants should make sure that all their devices are password protected be they desktops, laptops or mobile devices. Mobile devices also offer multiple layers of security. Follow best practices for devices and account passwords – these include using strong passwords, not sharing your passwords with others, avoid using the same password for multiple accounts and making it a habit to frequently change your passwords.
  • Merchants should connect only over secure networks. Avoid accessing your business accounts over free wifi at a cafe or airport. Most hacks happen over free wifi. A secure wifi is one that will require you to enter a password in order to connect and can be identified as a WPA or a WPA2 network.
  • Mobile apps are especially prone to security issues, hence be careful when you install apps on your mobile devices. As a general rule for any device, only download and install apps from trusted sources in order to prevent risks of malware infecting your device.
  • Train your staff on cyber security measures. A majority of breaches happen due to unintentional disclosure of sensitive information by people who are not sufficiently aware of frauds and scams.
  • Make sure you have the latest version of antivirus on all your devices. Install all security updates and patches pushed out by vendors of software that you may have installed on your machines. These patches are designed to plug in security loopholes that might be existing in the software and could be exploited by cyber criminals.
  • Be alert! Look out for any suspicious activities on your business accounts. If you notice any transactions that you have not initiated, then you should immediately bring it to the provider’s notice.

You should regularly review and audit your accounts to avoid any kind of misuse of funds.

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