By Harésh Bajaj, Senior Product Manager
Tue Oct 17 2017
Trying to protect your business against online fraud is like playing a high-stakes, never-ending game of whack-a-mole.
Every time you think you’ve fended off a threat, another scam artist will pop up with new ways to get around it. If they get through, you could face negative press, angry customers and huge financial losses. Online fraud cost UK SMEs almost £11 billion in 2015/16, according to the UK’s national cybercrime reporting centre, Action Fraudi.
And the number of attacks is going up. The BBC reports that a financial scam was committed every 15 seconds in the first half of 2016ii , while The Independent notes that almost a million SMEs (875,000) across the UK have been affected by a cyber-attack in the last yeariii.
Unfortunately, safeguarding against unknown threats can conflict with the realities of day-to-day business. For example, security measures can slow down your customer’s experience – a major consideration in a competitive marketplace.
It’s also not cheap; last year UK SMEs spent £2.9bn on improving cybersecurity – an average of £1,600 per businessiv.
So how do you protect yourself while maintaining a friction-free checkout process?
Well, here are 10 things you can do today that will help:
Remember, reducing your data security risks means you’re helping the collective fight against criminals and reducing potential for fraud. One of your biggest allies in this will be your payment providers, who will help you find the fraud protection that best fits your business and budget.
At Barclaycard, we can advise you on how to set up ‘invisible’ payment structures so your customers’ experiences are streamlined, and to help you continue trading and reduce impact on your business if you’re targeted.
We’ve also outlined our top methods to protect against payment security fraud. To find out more, just click on the link below, or speak to your Barclaycard adviser today.
Protect your business against security fraud
v Barclaycard Smartpay includes Solve Centurion, which won Best Security or Anti-Fraud Development at the 2017 Cards and Payments Awards.