Data breaches are happening more frequently and on a larger scale impacting more and more people. And it’s not just retailers that are in the crosshairs of cybercriminals. Other industries, such as government, health, insurance, financial services, and travel, are also vulnerable to cybercrime.
What can businesses and organizations do to protect themselves from the impending onslaught?
Fortunately, there are some tell-tale indicators that can help businesses and organizations to detect possible fraud. CRN and Visa have provided lists of warning signs. Here is a compilation of the most helpful tips:
It is important to keep in mind that spotting any single one of these behaviors does not necessarily mean that online fraud is taking place. However, when businesses and organizations notice several of them at any given time, proceed with caution.
Online identity verification (IDV) is an effective tool for fighting online fraud. By using real-time online IDV, businesses and organizations can increase their acceptance rates for new customers and users, keeping the bad guys out while allowing legitimate customers in without burdening them.
Not only does IDV help detect identity fraud and theft, but businesses can also verify mailing addresses. Address verification is another step that businesses and organizations can take to ensure that written communications are being delivered to the correct people, as in the case of the IRS attempt to verify taxpayers.
As occurrences of online fraud become increasingly common, businesses and organizations need to become more savvy and aware of the warning signs to avoid becoming the next victim. Taking the necessary precautions, such as using identity verification and training staff, can mitigate the risk.
Do you have any tips on how businesses can detect online fraud?