Cryptocurrency is a form of digital currency that can be used as a medium of exchange just like any other currency. Bitcoin is the one of the most popular digital cryptocurrency. In recent times, Bitcoins have been in the news due to the phenomenal rise in their tradeable value. More and more businesses now support Bitcoins. Online payment processing platforms such as Payza also offer extensive Bitcoin support. Merchants can now price their products and services in Bitcoins. Similarly, consumers can shop online using Bitcoins. Payza’s e-wallet can also be used to store Bitcoins and it is very easy to convert Bitcoins into any of the other currencies supported by Payza and vice versa. The ease of conducting transactions with Bitcoins has attracted many users to this digital currency. However, this popularity of Bitcoins has also given rise to a new type of fraud.
According to Payza’s Firoz Patel, frauds related to cryptocurrency have started mushrooming. Criminals typically pose as investment brokers and offer people the opportunity to invest in new digital currencies. Sometimes the fraud can be very sophisticated. Fraudulent cryptocurrency call centers are used to call unsuspecting people and persuade them to invest in the fake cryptocurrency. These frauds have only recently come to light and Firoz Patel says that it is very important to increase awareness about such scams. Cryptocurrencies by themselves are difficult to counterfeit and payment platforms such as Payza are known for the security measures they employ to protect their users from cyber criminals.
How to Avoid the Fraud
You should be careful of investments that promise high returns in a very short time. Also, never entertain an investment caller without first verifying his or her credentials. A very lucrative offer where you are asked to invest immediately or you will lose out on big gains should immediately set the bells ringing as these are all signs of fraudulent operations. Some fraudsters use impressive names and addresses. Fraudsters usually use aggressive sales tactics to make their victims give up large sums of money. Do your due diligence before investing in such schemes or offers.
How to Report the Fraud
If you are a victim of such a fraud then the first thing to do is immediately report the scam to the law. Then alert the bank to protect your account and stop payments yet to be made. Being vigilant is the best way to avoid becoming victims of scams and cyber frauds.
Many companies find their internal data falling into the hands of competitors and fraudsters. As a result, their sales get affected. How can sensitive company internal information fall into the wrong hands? The answer largely lies in the ways internal control has been implemented in an organization. It is only when stringent measures have been put in place to implement security measures for data that it cannot be sent out of the organization and thus will not fall into the wrong hands.
How to Implement Effective Internal Controls in an Organization?
At every step of the data generation process, there must be procedures in place to ensure that such data is not transmitted to outside party through email or any other means of data transmission. The data must be generated according to laid down guidelines and after it is produced it must be checked by the authorities.
Always make sure that there is a check on what has been produced, who has created it and how it is transmitted to people in the next chain of work so that they use it for further processing. This is a key feature that was implemented by Payza, a leading online money transfer service after they came up with Firoz Patel Payza Fraud complaints.
One of the key steps to take when data is generated by so many computer systems is installing good antivirus software. The software will check the system constantly for any kind of virus and remove it as soon as it is detected. It is a well known fact that when a system is affected by virus it comes to a halt.
All the data that is stored in it becomes corrupted and the entire system cannot function anymore. It has to be fixed by taking to experts who can fix virus problem. In the course of doing this, work will stop which will affect productivity.
Another step to implement is firewall. Firewalls prevent intruders from entering into your sensitive computer system and snooping inside them for information. Without them you have not way of telling who is inside the system and trying to get information that is required for your company’s growth and use it to increase their sales figure. Key data such as important marketing and sales information or information on product production can be stolen and used by competitor if you d not have firewalls that prevent this from happening.
Needless to say internal control plays a very vital role to prevent financial frauds. Therefore, it is mandatory to put in place polices and rules for the use of laptops and mobiles in the work place. Employees should not use their cell phone to send official emails and should have their laptops password protected to prevent accidental theft of the device etc.
Online advertisements are now just as popular as traditional forms of advertisement. The revenue generated via online advertisements is so substantial that businesses can no longer ignore this medium to carry out promotional activities. In order to advertise online, businesses work with publishers. Advertisements are placed alongside other content on websites – this content could be videos or text or pictures.
Nowadays, programmatic advertising is used and it automates how and where your ads are placed online on a given website. This means that advertisers themselves have little control over the placement as it is being determined by a prebuilt algorithm. If your advertisement is placed next to popular content then it works well and can greatly improve the visibility for your brand. However, if the content is offensive or objectionable then this can seriously dent your brand’s reputation. Most visitors associate your brand with the content that it is placed alongside. According to Payza’s Firoz Patel, scams can further dent your brand’s reputation. If your advertisement is placed next to fake news this can be a big concern for your brand safety.
It is difficult to build a brand’s reputation. It takes time, talent, money and patient hard work. Some companies spend a quarter of their budget on marketing online. With so much being invested, it is but natural that businesses cannot risk damage to their reputation because of bad ad placement. Firoz Patel adds that brand safety crisis is about loss of trust between the consumer and the brand. It is challenging to build trust and it the last thing that brands want to risk. A study confirms that consumers rethink buying a product if it appears with objectionable content. In such scenarios, Firoz Patel recommends that companies advertising online should opt for quality advertising alongside premium content on trusted websites to maintain brand safety.
The internet has changed businesses like never before. More and more users now prefer to shop online and this has forced business to look actively at establishing an online presence. When users purchase goods and services online, they also need to pay for these transactions. Payments and money transfers can now be carried out very easily online due to the presence of payment processing platforms.
Payment processors typically work on the concept of an e-wallet where in users can upload funds via different means such as bank transfers, credit cards and so on. Funds can then be transferred even across international borders using the e-wallet. Users can withdraw funds into their bank accounts from e-wallets as well. Money transfers via e-wallets are much quicker than traditional means. Users typically find payment processors such as Payza very convenient to use. However online transfers also come with certain risks. There is an increasing number of online scams and frauds and users should be aware of them.
As per Firoz Patel, Payza scam prevention team works very hard to protect Payza users from fraudsters and cyber criminals. Users can protect themselves from scams by following a few guidelines:
Users should never share their personal, bank, credit card or payza account details with anyone without verifying the authenticity of the recipient.
Be especially vary of phishing emails and phone calls.
Always verify the authenticity of a website before entering your details.
Avoid storing your financial data on laptops. If you must do so then it is a good idea to password protect your files.
Always make sure your laptops and desktops have the latest antivirus software installed. Ransomware is a very serious threat these days and users find themselves in a very difficult situation when a malware is used to gain access to their computer.
Make sure the website uses the https protocol. This ensures that your data is encrypted when it is being transmitted over the internet.
Never share your passwords with anybody. Avoid copying them down.
Make sure you use strong passwords. Strong passwords are a mix of alphanumeric and special characters and are usually 8 to 10 characters in length.
Avoid using the same password for multiple accounts. This can cause collateral damage in case any of your accounts are hacked.
Make it a habit to change your passwords on a regular basis.
Always check your credit card and bank statements regularly. If you notice any suspicious entries in the statement, bring it to the notice of the bank immediately. You may also need to block your credit card to prevent further misuse.
It is a good habit to shred your bank statements to prevent unauthorized people from gaining access to them.
If you are using mobile apps for payment transfers and banking activities, make sure you password protect your mobile devices. If your device provides the option, then you should opt for biometric passwords as even if the device is lost or stolen, no one else will be able to access your private data.
Merchants today are a savvy community. They have increased awareness of latest trends and customer preferences and this allows them to tailor their products and services to meet customer demands. However, in recent times, it has been observed that customers not only focus on products and services but the overall experience they have while dealing with a brand. This customer experience includes the entire spectrum of interactions forms customer inquiry to purchase to after-sales support.
Customer Experience Is Top Priority
The presence of online websites and social media platforms are one of the key reasons that businesses cannot afford to ignore customer experience. Today, users are very agile and waste no time in posting their reviews, feedback, and comments regarding any product or service on social media. It has been found in a recent survey that a majority of customers look at the reviews and feedback from other customers before making a decision to purchase your product. As one marketing executive puts it, your customers are your marketers in the online world.
When Things Go Wrong
Although businesses make every attempt to provide their customers the best of services, things could still go wrong sometimes. What really matters is how you react when the customer is not satisfied with his experience. This dissatisfaction might be voiced as a formal complaint or a simple comment on a social media platform such as facebook or twitter. What do you do now? It has been observed that top brands take every comment or complaint seriously. According to online payment processing platform Payza’s Firoz Patel, complaints are an opportunity for you to find gaps in your services and improve them.
Be Agile And Responsive
Payza has a support center that is dedicated to resolving user issues be they queries or complaints. Social media tools such as sentiment analysis are used to determine how customers are perceiving the platform’s services. A variety of analytical tools can be used to determine exactly when customer churn occurs. This information can be used to change the way services are offered or to add new features so that products and services are constantly being adapted to changing customer needs. And in today’s fast-paced digital world, customer needs do indeed change very quickly. A business that is not agile can no longer survive.
Do not forget, disruption is the buzz word today – be its Uber’s disruption of transportation or Amazon’s disruption of the retail business. Hence, it also helps to keep a tab on what your competitors are doing. Most importantly, you need to be innovative to remain ahead of your competition.
Today sending money online has become a really easy and quick process. This is due to the availability of payment processing platforms. These online platforms work on the concept of an e-wallet. Users can load money into their e-wallets and then transfer the funds to other accounts. Similarly they can withdraw transferred funds from their e-wallets. This makes money transfer really easy and also the online process is much faster than more traditional banking methods.
There are many payment processors and they offer a variety of features and services. One such processor is Payza. Payza supports 21 different currencies and has registered users across 190 countries across the globe. This includes both personal and business account users. There are several benefits that both individuals and merchants can enjoy by registering with Payza. Online businesses can easily plugin payment functionality into their websites using the Payza buttons.
One challenge that all online websites face is that of cyber security. As per Payza’s Firoz Patel, scams are the biggest problem in the online world today where fraudsters and cyber criminals trick unsuspecting users of their personal and payment details. They then use this information to gain unauthorized access to their systems and commit fraud. It has become very vital for online businesses and payment processors to have a solid cyber security policy – one that identifies the vulnerabilities and risks and uses appropriate mitigation measures.
What Can Users Do?
There are several precautions that users can take to safeguard themselves in the online world. These include simple things like using strong passwords to more complex methods such as encryption. Firoz Patel says that online businesses must do everything they can to avoid data breaches and keep their users safe from scams. Payza on its part has a very active user community. This community is the go to place for Payza users to post queries, share information and to reach out to Payza support. This easy access to relevant information can go a long way in preventing scam as users are better educated on risks and online security best practices that they should follow.
Today Customer is king like never before. This has made customer experience a very hot topic especially among online businesses and it is being said that customer experience will be the key differentiating factor going forward. In the online world, customers can easily share their experiences and their feedback and reviews can make a big impact on how a brand is perceived.
When Customer Service Goes Wrong
As any online business will tell you, failing to keep a tab on customer complaints can largely impact the business’ ability to retain customers and to also attract future customers. One recent highly publicized case was of a US based airline forcibly evacuating a customer with a valid boarding pass off the plane. The resulting outrage especially on the internet had the airline scrambling to find an appropriate and acceptable way to handle the situation. What followed has proved to be a very costly experience for the airline.
Customer Complaints Can No Longer Be Ignored
Several businesses have now brought the customer at the center of their business strategy. One such business that has been extensively focusing on customer experience is Payza, an online payment processor. According to Firoz Patel, complaints at Payza are taken very seriously and there has been an active strategy to ensure complaints are used to bring about positive changes in the method of doing business.
How To Use Complaints To Your Benefit?
Firoz Patel further elaborates on how Payza has used complaints to identify areas of improvement. These continuous improvements have had significant impact on process efficiency at Payza. Right from new users trying to understand how to use the payment processing platform to advanced users trying to leverage the platform for further gains, all customers have an open channel where in they can forward their feedback to Payza. Payza executives are trained on handling customer requests and queries. There is also an online forum where in users can share tips and learnings. All of this has led to an active relationship between Payza and its users.
Payza also regularly provides information to its users about service and product updates as well as having a call center to respond to user queries. There are also relationship managers assigned to merchants so as to ensure any issues that they may be facing are resolved quickly.
If you are a business, then you can no longer take an approach where the customer is not at the center of every decision you make. Failing to understand this changing trend can prove to have a devastating effect on your ability to cope with your competitors. Social media presence has also become very important. This provides an opportunity for sentiment analysis and in this way businesses can quickly gauge how customers are perceiving their products and services.