Fraud Management and the Convenience of Technology

Everyone loves technology, because technology makes our lives convenient. The value of convenience in a convenience-oriented culture can’t be underestimated. For the sake of convenience, we’ve all already pretty much given up on having any kind of real online privacy. That’s a decision that people have made as individuals and that we’ve made as a culture: convenience trumped privacy. That ship has sailed.

Privacy is one issue. Security is something else altogether.

That book you buy online, that newsletter you subscribe to, even those open wi-fi spots you visit… everything that you do online, in fact, opens you up to the potential for someone stealing your information and your money. And if that’s true for individuals, it’s even more true–and on a much more massive scale–for businesses.

Twenty years ago corporate entities couldn’t have conducted quick, efficient global business they way that they do today. The Internet moves at the speed of thought, and that’s how business has to move, too. We can’t go back; this particular genie is out of the bottle.

So with no option of going back to the pre-Internet days when a thief had to actually break into your building, what can companies do to protect themselves? Credit card numbers are used fraudulently by the millions every day, and businesses end up paying the price. Most people don’t realize that businesses are hit harder than consumers, thanks to the numerous protections customers enjoy, especially in the U.S. There are legal remedies they can access when credit card fraud’s been detected, and they rarely will have to deal with tremendous losses.

But someone has to pay the price for fraud, and it’s usually the small-to-medium business that suffers. Businesses routinely have to repay the credit card company for the cost of the goods that have been fraudulently charged, for example, but then they also are assessed a chargeback from the credit card company itself.

But the reality is that as soon as you build a wall, there will be someone ready to scale it. Hackers have become sophisticated, educated, and fast. Piracy software is used every day to steal everything from baseball tickets to state secrets.

The most efficient option for protecting your business is developing a real strategy and implementation around fraud protection management. It’s not enough that someone in IT is good with passwords; it’s essential that you partner with a company that’s made fraud protection a central part of its mission. There are a number of solutions available to you, and we hope that you’ll consider SimpleFraud™.

SimpleFraud™ is a suite of third-party APIs and features brought together for various billing and client management systems that includes protection guarantee for Card Not Present Retailers against fraud and credit-card provider chargebacks.

Tired of the bad guys winning all the time? We’d love to show you how to fight back. Fraud won’t be simple for anyone when you have SimpleFraud™ on your side!

Tags: 
Convenience
Fraud
Privacy
Security