Fraud Management Tools for Every Small Business
If you’re a small business owner that accepts payments, both in-person and online, protecting your customer’s sensitive data is crucial. It not only saves you money from having to pay for any chargeback fees, but it also builds trust among your customers for future purchases.
Even if your business has never experience fraud before, it’s important to know that the threat is there. It’s better to play it safe then lose everything, check out the following fraud management tools that could help your small business.
If your small business already has a fraud management program, this tool can work with it or as a full-service solution on its own. It’s capable of targeting fraudsters, predicting their behaviour and containing data breaches. All of which can save your business from a PR nightmare.
Like Fraud.net, Simility uses machine learning to discover any fraudulent behaviour before anything serious is done. The data is presented in a clear and actionable manner and is very simple to install. It can also be customized for a wide range of industries.
This tool integrates with PayPal, Stripe, Authorize.net and Shopify and provides insights and reports so that you can make more informed decisions. It will give you a notification when a card has been deceived so that you can take the appropriate actions, like cancelling recurring billing. Also, notifying the customers so that you can resolve any disputes before they escalate.
There are plenty of different methods and programs your small business can use to help prevent fraud, even though these tools can help reduce the risk of fraud, you also need to educate your team and customers to be vigilant, learn from other breaches and audit your point-of-sale-systems consistently.
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