Consumers and businesses continue to face a growing threat of data breaches. COVID-19 has resulted in a higher wave of attacks. This article is about the issue and the help you can get from payment specialists like eMerchantBroker to protect your business from fraud.
Protect Your Business From Criminals: eMerchantBroker
Since the online space is becoming more common for businesses worldwide, data breaches happen more often. As a result, the digital data, cloud computing, and workforce mobility that businesses rely on in the modern world of commerce become more vulnerable.
Now, when the world is faced with COVID-19, digital payments have become more common, thus creating more problems for merchants in terms of security and safety. The increased volume of online transactions has created a much “comfortable” atmosphere for criminals to target CNP or card-not-present transactions.
Today, you can find more consumers being targeted by criminals who try to convince them to provide account information, as Feedzai Inc.’s Financial Crime Report shows. Usually, criminals contact consumers by phone as if they’re representatives of a tech or utility company, the government, or even a charity.
With all this being said, it’s become more critical than ever to be able to keep your online transactions away from fraud. You can do this easily by working with a respectable merchant services provider like eMerchantBroker dedicated to offering unmatched fraud prevention and chargeback mitigation solutions. Make sure you’re offered the latest and cheapest services in the field.
Fraudsters Using COVID to Access Personal Info
Recent surveys show that over 50% of consumers in the U.S. would give up using cash in favor of debit cards. Nearly 74% of those not willing to make purchases online because of data breaches say that they’ve started using their credit card more often because of the recent lockdown.
The 4th annual Holiday Shopping ID Theft Survey by Generali Global Assistance has revealed that 30% of Americans who didn’t want to make purchases over the internet because of the potential data breaches haven’t felt uncomfortable with it this year.
Overall, digital payments are associated with risks such as bank account hacks and scams, social security number and other sensitive information attacks. More and more cybercriminals are attacking logins and passwords to access corporate networks for ransomware or Business Email Compromise (BEC) scams.
These attacks are mainly automated, so victims can less often catch the criminals. Besides, the payouts are much higher as compared to hacking individuals’ accounts, as the Identity Theft Resource Center (ITRC) reports.
To conclude, COVID-19 has accelerated the move to digital payments. This, in its turn, has caused an unprecedented rise in criminal attacks on personal information. Work with a reliable payments specialist to protect your business in a proper way.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.