Fight SME fraud with end-to-end payment protection
Fraud and other economic crimes can be hard to catch, and today’s volatile payments landscape makes this even more difficult. As businesses act quickly to adapt to change, bad actors are taking advantage of the cracks in their fraud defence and making them lose money in the process.
Combating these bad actors and protecting revenue requires tools like pre-transaction authentication, fraud detection, fraud mitigation, and post-transaction chargeback management, especially when it comes to eCommerce fraud.
Most importantly, SME businesses wanting to stop fraud in their tracks are now deploying dynamic strategies that prioritise end-to-end payment protection.
So what are some of the tools to use to keep an eye on the whole payment process and mitigate fraud?
1. Real-time stock communication and synchronisation
The best thing you can do to protect your business from fraud is to work with a payment gateway that actively mitigates risk. Our TRU Security solution, for example, uses Artificial Intelligence for AML and fraud prevention. Behavioural authentication also detects fraud and cyber threats and protects against account takeover.
2. Enable Secure Customer Authentication
Enhanced 3D Secure 2 (3DS2) should be the standard for your eCommerce website. This will ensure full compliance with the latest regulations and will reduce your risk and liability for chargebacks, sometimes preventing them altogether.
3. Gather real-time actionable insights
Throughout the end-to-end payment process, it’s equally important to make sure you analyse the transactional information for trends and understand how you are dealing with your customers. This will help you identify opportunities to drive revenue with data-driven insights and ensure you make better business decisions that drive ROI.
4. Keep an eye on card-not-present transactions
Card-not-present fraud increased by 21% in 2020, according to Worldpay, with 59% of merchants reporting an increase. In most cases, this was due to an increase in friendly fraud. Whether accidental or intentional, friendly fraud can bring major damage to your business. By using a friendly fraud prevention solution, you will be able to know as soon as a customer initiates a dispute, and it gives you time to act.
5. Automate, automate, automate!
Automate review processes using a payments security provider that integrates easily with your existing technology stack. By using this method, you’ll have the latest updates on detecting sophisticated fraud without manually updating your systems.
6. Communicate with your bank
Sometimes things don’t go according to plan, so having an open line of communication with your bank goes a long way. To help customers recognise purchases, banks send additional transaction details. Your business can also set thresholds to refund purchases below a certain amount immediately by working with your bank. It saves time on the dispute process and reduces friction for the customer, leaving them with a positive impression.
How to deploy fraud protection in your SME
Providing secure, easy and convenient payment solutions to customers and protecting hard-earned revenues from fraud are two sides of the same coin.
This is why a robust authentication, tokenisation, or chargeback solution is only one part of revenue protection.
The other is offering frictionless checkout experiences while preventing fraud with integrated end-to-end security infrastructure.
Learning and setting up new systems can be time-consuming and resource-intensive. You should spend more time evaluating the business impact and optimising a fraud protection system than setting it up.
This is why our TRU Security solution is an API that integrates with your existing systems and provides both risk mitigation and advanced authentication processes like fingerprint authentication, voice or face recognition and behavioural biometrics.
Some of the other benefits our customers’ note are:
A streamlined customer experience.
In-app authentication, thus avoiding redirects outside your eCommerce application.
Potential to increase acceptance rates.
PSD2 SCA compliance for all transactions acquired and issued in the EEA.
3DS mobile SDKs for iOS and Android.
Moreover, when you choose Trust Payments, your entire business receives added support from a group of experts who understand how you think.
We keep your customers’ data safe with AES256 encryption and SSL Certificates, and a minimum of TLS1.2, between your website and our datacentres.
Our systems are scanned (quarterly) by ourselves using the Qualys PCI Platform, an independent QSA (Qualified Security Assessor) and approved vendor, Omnicybersecurity (UK) & Forgenix (US), to ensure compliance with the security requirements of the card schemes.
We follow a number of rigorous security procedures on a daily basis including, but not limited to, continuous monitoring of our perimeter, dark web monitoring, and internal checks to ensure that CIA triad is maintained at all times.
Trust Payments Ltd 2022
Trust Payments Ltd, No.1 Royal Exchange, London, EC3V 3DG. A company registered in England and Wales with Company Number 11976895.
Trust Payments (MALTA) Limited, Reg. No. C 56013, Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR 9034, Malta VAT number: MT23440004