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Staying safe online for small businesses isn’t complex or expensive, and by following some simple tips you can greatly reduce your risk of online fraud and compromise.

 

Why Accept Online Payments?

These days, many people prefer the ease and convenience of electronic payments. And more and more people are paying for their goods and services online.

Accepting online payments is easy. If your business has a website for advertising products or services, then accepting online payments could be a great way to increase your business revenue. An online payment gateway makes selling and purchasing faster, easier and hassle-free.

By accepting online payments, businesses get instant payment with the added benefit of security and credibility. Since online transactions are quick and easy, online payments may influence customers to purchase on the spot.

Staying safe online for small business isn’t complex or expensive, and by following some simple tips you can greatly reduce your risk of online fraud and compromise.

Preventing Fraud

With the growth of online services, online shopping and payments, there are also increased opportunities for criminals to commit scams and fraud. Criminals rely on the anonymous nature of the internet and unsuspecting nature of small business owners and their employees. Awareness and following a few simple tips can greatly reduce this risk.

 

CASE STUDY: FRAUD

Mark owns a small online business selling hoses. Mark receives a phone order for a significant amount of stock to be shipped overseas. Mark is suspicious as the same hoses can be bought overseas, however, he continues with the order. Mark is provided with two credit cards by the caller and asked to split the transaction between the two cards, which he does, and ships the stock. Later, Mark is informed by his bank that the credit cards used to pay for the goods were stolen.

 

Protecting Your Network & Information

Hackers seek to access networks that are not properly secured and configured, just like a burglar may break into an unsecured office. Think carefully about where you store data and how you secure it physically and electronically

Internal threats are more difficult to anticipate but can be equally devastating to your business. Staff may remove data inadvertently or on purpose for financial gain or revenge.

Promoting your trust and safety credentials to current and future customers is good for business.

Personal Accountability

The customer is an important part of the online payments ecosystem. While banks and card schemes devote a lot of effort and resources to protecting end-users, there still needs to be a degree of personal and business accountability.

As a merchant, you are the first line of defence and can help customers have a safe and secure online experience.

 

CASE STUDY: RANSOMWARE

Mary receives an email with an attachment from an unknown address. Mary opens the attachment and unknowingly downloads malicious software that gives the cyber criminal the ability to take over and control her computer. The cyber criminal has locked Mary’s business files and client details, demanding payment before she can gain access to her computer and files.

 

Scams

Scams targeting small businesses come in various forms – from invoices for advertising or directory listings that were never requested to dubious office supplies that were never ordered. Small business scams are becoming increasingly sophisticated and scammers will go to great lengths to convince you that the documents they send you or the offers they make are legitimate.

Scams include false billing, overpayment, ransomware, phishing and investment scams.

Where to go for help

 

  1. Australian Cybercrime Online Reporting Network – ACORN is a national policing initiative of the Commonwealth, State and Territory governments. It allows the public to securely report instances of cybercrime. https://www.acorn.gov.au
  2. Scamwatch – A website run by the Australian Competition and Consumer Commission (ACCC). It provides information to consumers and small businesses about how to recognise, avoid and report scams. https://www.scamwatch.gov.au
  3. Office of the Australian Information Commissioner – The OAIC investigates possible breaches of the Privacy Act, including data breaches. Data breaches can be caused or exacerbated by a variety of factors. https://www.oaic.gov.au
  4. Crime Stoppers – Operating throughout Australia, Crime Stoppers is an integral part of community safety with the information gathered and supplied by the community essential to assisting our police agencies with crime solving and prevention. https://www.crimestoppers.com.au
  5. Your financial institution – Contact your bank or financial institution when you think your account may have been compromised and money withdrawn without your authorisation.
  6. www.mastercardmerchant.com – Supports your business by providing advice on growing your business and keeping it safe and secure.