You start a new day at work. At last, things are going well. The business works. Customers are very happy with your service or product. The company is growing and you get your brand to become a benchmark in the sector. And, suddenly, something unexpected destroys all that work and great effort. Your reputation and image are ruined and, what is worse, you find yourself with an unexpected expense that puts the viability of the company in danger. What happened? Unfortunately, they have used your business to carry out fraudulent operations with stolen cards.
The theft of card data has increased exponentially in the last two years, this means that they can use your business to make purchases with said information, which would cause numerous chargebacks and the possibility of not recovering the products already sent, with the economic damage that this would entail, in addition to the image of your business associated with this type of criminal act and the fact of being able to lose the permits to operate with cards.
In recent years, more and more small and medium-sized companies are launching into electronic commerce, thereby increasing the risk of cyber attacks. The turnover of electronic commerce in Spain has increased in the second quarter of 2021 by 13.7% year-on-year, reaching 13,661 million euros, according to the latest e-commerce data from the National Commission for Markets and Competition (CNMC). Which offers cybercriminals more and more opportunities to commit this type of electronic crime.
Current fraud prevention tools are expensive and are usually aimed at supporting large companies. The smallest, despite accounting for more than 90% of the business fabric, cannot aspire to these technologies, neither for budget nor for technological knowledge. However, for them it is a priority to have a tool that allows them to protect themselves from fraud and maintain a good reputation with customers and suppliers. And it is at this point where BOTECH’s team of international experts pours its extensive knowledge of the most common patterns of fraud to protect organizations through ISOPH Payment. A technology that becomes essential to protect businesses, since in addition to its competitive price, according to the size of the smallest companies, it allows quick, agile and simple integration. One of its great advantages is that it is not necessary to have technological knowledge or to have a computer expert to be able to interpret and use the platform.
Protecting your business from fraud is no longer optional
The figures support this statement:
- As the studies point out, electronic payments will almost triple in 2030 to exceed 3 billion operations in the world.
- Cyber attacks increased by 50% in 2021 compared to the previous year and represent a greater proportion each year.
- Identity fraud affected 42 million people in 2021, resulting in losses of 52 billion dollars
Did you know that if your business suffers chargebacks, that is, charges not recognized by the buyer, especially a credit card transaction, above 1 or 2%, they can withdraw your permission to process cards? One of the main solutions to avoid this global problem is to implement tools to verify the identity of users, such as, for example, analyzing the veracity of the email and verifying that it exists, and issuing a risk score, which allows fraudulent or fraudulent users to be blocked. extensive IP verification.
Cybersecurity is no longer an option for SMEs. In addition to economic losses, protecting your business will allow you to:
- Have a well-cared image and reputation, because the company is not associated with fraudulent operations.
- Avoid the risk of losing permission to process cards, since, although many companies do not know it, if a business exceeds 2% of charges, they can lose their permission.
- That a financial institution cannot block your company and prevent transactions with its cards due to the high volume of fraud.
- Dedicate 100% of your efforts to your business and not worry about fraud.
- Prevent fraudulent operations to the business itself by alerting potential abusive customers.
This solution, which offers the most outstanding benefits of current anti-fraud technologies, offers a SaaS platform at a very competitive cost. An example that allows us to understand it better: many people go to work in their own car, but not everyone can get around in a Ferrari. With ISOPH Payment we apply the same concept.
It is a technology that allows you to protect your business at an affordable price in which we have eliminated everything you do not need and that makes the product more expensive to focus on what is really necessary. It allows protecting organizations against current massive fraud with an included monitoring and advisory service to get 100% of its functionality.
It is a configurable solution for each business that allows defining the level of risk. A technology that performs continuous monitoring of all transactions carried out with an administrative portal, where all data is collected for easy accessibility and interpretation. To implement this program it is not necessary to have any specific infrastructure, since it is a 100% cloud technology.
Finally, a technology within the reach of all budgets that will mean that you only have to worry about the growth of your business. Fraud will no longer be a problem or concern.
