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Fraud: The Causes, Impacts and Solutions

We’re inching closer to the busiest and most awaited shopping days of the year. Usually, during this time, products go from being on the wishlist into the customer’s cart in no time. Is your small business ready for large orders? Bet you are! But are you also prepared to prevent any kind of fraud? And dispute chargebacks if need be? Let’s dig deeper.

Online shopping is a great way to beat the crowds and having multiple options to browse through from the comfort of one’s home is hard to beat. As business picks up heading into the holidays, fraudsters may have look to take advantage of the opportunity both online and instore.

So, as a small business how do you prepare for this? For starters, a few small changes to your business can have a meaningful impact.

  • Monitor your transactions regularly and keep an eye out for any suspicious behaviour like unusual amounts in quick succession.
  • Double-check any large purchases made by customers.
  • Use secure forms of payment and avoid taking card details over the phone or by mail and manually entering them as this offers no chargeback protection.
  • Be transparent about your return policies – keeping customers informed can reduce disputes.
  • Share your contact information with customers so they can easily reach out to resolve issues.

 

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