Protect your business: payment strategies tested and ready for Black Friday and the Christmas sales

As the holidays approach, businesses anticipate increased sales opportunities and increased risk of fraud. Accordingly KPMGevery adult in Spain will spend an average of 727 euros between Black Friday and January sales, and 44% of people are expected to spend more than last year. But what does this mean for businesses that would like to see an increase in sales but at the same time want to ensure they are not at risk of fraudulent transactions?

Rodrigo Vilarino, Country Manager for Spain and Portugal at Worldpayexplains it: “This is always a fun but hectic time of year for businesses and consumers. From buying gifts to booking flights to family reunions to likely higher grocery bills, it’s important for everyone to be aware. At Worldpay, we see an increase in chargebacks and fraud-related assistance this time of year, but we often find that companies do not have fraud prevention solutions in place. We have to change that now«.

So how can companies prevent fraud and ensure the safety of their consumers?

  1. Multi-layer authentication: Implementing multi-layer authentication is the key to adding an additional lock to your company’s digital door. Requiring customers to go through multiple verification steps during the checkout process, such as two-factor authentication or biometric recognition, not only adds an additional layer of security but also improves the user experience by ensuring that legitimate transactions are processed smoothly.
  2. Real-time fraud detection– Benefit from advanced fraud detection tools that analyze transaction patterns in real time. These systems can quickly identify suspicious activity and automatically flag or block potentially fraudulent transactions, proactively protecting your business from new threats.
  3. Tokenization of sensitive data: In the age of digital transactions, protecting sensitive payment information is of utmost importance. Leverage tokenization, a process that replaces sensitive data with unique tokens, to ensure that even if cybercriminals gain access to your systems, they can only access useless tokenized data. Using next-generation tokenization protocols improves the security of your customers’ payment information.
  4. Collaborative risk management: Collaborative risk management is about sharing information and insights across a network, enabling faster detection of emerging threats and more effective preventative measures throughout the buyer journey.
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worldpay offers a multi-layered anti-fraud solution that combines information, technology and payment fraud prevention expertise to accurately predict whether a transaction is fraudulent Data from 40 billion annual transactions.

Choosing the right payment provider is the key to accepting online payments securely. Join thousands of businesses who trust Worldpay Protect your business during the holiday season. Take the first steps to accelerate your business and discover innovative solutions that will help you minimize fraud and optimize business processes.

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