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The ability to purchase goods and services online has made it so much easier to conduct business overseas. However, there is one problem that many of us have to think about when it comes to surfing the web and that is security.
Every site tries its best to provide the most up-to-date security. Unfortunately, some things are bound to slip through the cracks. A lapse in security could lead to some severe fraud, and fraud is going to hurt your business’s finances. You cannot stop fraud, but there are ways to avoid it. Let’s look at these to give you peace of mind when making transactions online.
Avoid Using Unknown Wi-Fi Connections
You should have set up your own internet connection when setting up your business. It is a fundamental part of modern communication, and you won’t get far without it. All of your staff will use this private network, which means that you need to install the latest security software. This protects you and your staff during the workday.
However, not every public network has the same level of security software. You should be careful when linking with these Wi-Fi networks when outside of the office. A hacker could get to your important information through these connections, so avoid making payments outside your own private network.
Password Management
A password is required every time that you try to log in to your device. This string of keys is encrypted to stop anyone else from attacking your data from the outside. Hackers break into private networks by using software that repeatedly guesses the passcode for your devices. Therefore, you should try to make sure that your passwords are as random as possible. Use letters, numbers, and special characters in all of your passwords.
Also, try to use different passwords for different devices. Once a hacker gets hold of one password, they will try to use it on all of your private logins. You can shut them out by making every password different. What’s more, you can reset their search by regularly changing your passwords.
Pay With Credit Card
Another way to avoid fraud online is by making purchases with a credit card. Using a debit card to make purchases gives fraudsters the opportunity to learn your bank details. Through these details, they can gain access to your account and steal money without you realizing it. However, paying with a credit card denies them this opportunity.
There are a couple of issues that may concern you when it comes to credit cards. The first is that frequent use can place you in debt or damage your credit score. That is why you should pay off the credit card bill straight away. You aren’t using the credit card because of a lack of available funds, so pay off any transactions immediately with your debit card.
The second worry you may have is processing fees. Credit card processing is an expensive part of running a business, especially if you have to make a series of transactions. Luckily, you can use NadaPayments to reduce or get rid of credit card processing fees. This will save you money, and it allows you to remain safe when making business purchases online.
Never Send Anything Until You Receive Payment
As a business leader, you require profit to keep your operation running. That is why every transaction you make is important. However, one false order could put you in a tailspin.
First, the fraudulent order is made without the intention of paying. If you send the product without payment, you could find yourself out of pocket. Second, the false purchase may have been the first step in a larger scheme. Without payment, this hacker has given you no leverage to trace them, but you have given them more information as part of your transaction. Lastly, it is almost impossible to track down a fraudulent transaction. The individual that made the purchase will probably operate under a false name, address, or even with fake payment details.
You can avoid all of these pitfalls by ensuring that payment has cleared before you send out anything to a customer. This ensures that you can stay in profit, and removes any further chance of fraud.
Keep An Eye On Your Statements
A bank statement is a written copy of all the transactions that you have made. Any fraudulent expenses that come out of your business account will show up on your statement, so you should regularly check your bank statements.
It is easier to trace fraud if you catch it early. Therefore, you will have a better chance of fighting fraud if you have your statements on hand.
Conclusion
Online fraud is not the concern that it once was. That is because most security protocols have become commonplace. However, that does not mean that you shouldn’t be prepared. Use these tips to avoid fraud and try to stay on top of any new security developments moving forward.
