{"id":9553,"date":"2017-04-24T23:30:48","date_gmt":"2017-04-25T06:30:48","guid":{"rendered":"https:\/\/www.primeview.com\/?p=9252"},"modified":"2026-03-23T18:27:46","modified_gmt":"2026-03-24T01:27:46","slug":"online-security-protect-online-business-credit-card-fraud","status":"publish","type":"post","link":"https:\/\/www.primeview.com\/blog\/online-security-protect-online-business-credit-card-fraud\/","title":{"rendered":"Online Security: How to protect your online business from credit card fraud"},"content":{"rendered":"

\"OnlineYou may be asking why you, the owner of a small online business, should be worried about online security. As it turns out, there are plenty of reasons you should invest on online security. How so?<\/span><\/p>\n

Symantec\u2019s 2014 Internet Security Threat Report<\/span> showed staggering statistic how small businesses are likely to be victimized by online fraud. The report said that 61% of the attacks targeted businesses with employees fewer than 2,500. On the other hand, 41% of the attacks were aimed at those with fewer than 500 employees, and 30% targeted those with fewer than 250 employees. <\/span><\/p>\n

The effects of a fraud attack<\/b><\/h3>\n

Take a look at the 2013 Target credit card debacle. Target had to pay <\/span>$10 million<\/span> to customers for the damages \u2013 and that\u2019s notwithstanding the losses Target sustained. While Target is a big business that can at least take the hit, consider how disastrous it would be if the target was a small business.<\/span><\/p>\n

The <\/span>National Cyber Security Alliance<\/span><\/a> once said that one in five small businesses are victimized by cybercrime annually. Among those who were victimized, over half would go out of the business within six months. <\/span><\/p>\n

To make it even more realistic, imagine if you are the owner of a specialty shop that had an online component. One day, you noticed that someone placed an order for $5,000 worth of items. It\u2019s not a big deal, as this is something you could sell on the storefront to a very eager customer. Your staff didn\u2019t notice anything odd with the order, and they packed it up and sent it to the courier.<\/span><\/p>\n

That night, you couldn\u2019t sleep. You check the order, and noticed that the $5,000 was comprised of odds and bits. The order didn\u2019t make sense. The next morning, you had your staff do the routine follow-up call (asking the customers how they liked the items) \u2013 but no one can get ahold of the customer. You dug deeper and realized that the address is a vacant property. Frantically, you realized what happened \u2013 you\u2019ve been duped. A fraudster used somebody else\u2019s credit card details to make a purchase on your store. The original credit card owner probably didn\u2019t notice that their card is gone or hasn\u2019t reported it yet. Whatever the case, the order is out the door, and you\u2019re going to sustain $5,000 worth of losses. <\/span><\/p>\n

The fact of the matter is that the biggest victims of credit card frauds are small businesses. They are the ones who would reel from the effects of such an attack. While $5000 may not be enough to sink a business, it can make a dent that you would be hard-pressed to fix if you do not have the money to start over.<\/span><\/p>\n

How to avoid credit card fraud<\/b><\/h3>\n

Thankfully, there are a number of ways through which you can protect your online business from credit card fraud. Firstly, look out for the red flags. These red flags usually involve:<\/span><\/p>\n