In an increasingly digital world, the risks of fraud and cyberattacks are higher than ever for businesses. Developed by The Economist Intelligence Unit and commissioned by American Express, the Business Reality Check report , which assesses risk and analyzes companies in 200 countries, revealed a significant gap between market data and business views on cybersecurity . Indeed, the report finds that while Canadian companies face a significant rise in hacker threats, cybersecurity is not always at the top of their agenda.
However, the report of Experian The 2018 Global Fraud and Identity Reportnoted that for 72% of companies, fraud has become a growing concern in the last 12 months. Here are ways that financial decision makers can improve cyber security and minimize the risk of payment fraud while optimizing processes and system efficiency.
“As a global network and payment service provider, American Express is involved in all stages of the payment process. When you do business with us to make payments or process your transactions, you get the most out of our unique perspective, whether it’s security or data analysis, “says Paul Roman, Vice President and General Manager, Payments. For Corporate – Worldwide at American Express Canada. “We want our partners to be confident that they have effective security solutions to build a lasting relationship of trust with their customers,” he says.
Protect your customers by offering secure payment options
By increasing the security of point-of-sale payments, you will increase the trust of your customers. The lack of visible security is the main reason why customers abandon a digital transaction. In fact, according to the Experian report , 27% of customers claim to have dropped a transaction due to a lack of visible safety signs. In addition, 66% of consumers feel protected by the presence of security protocols in digital transactions.
By putting the right technologies in place and partnering with trusted organizations, you make sure your customers’ payments are secure. For example, American Express subsidiaries Accertify and InAuth maintain a close partnership that provides American Express and its customers with solutions to counter fraud. Knuth’s technology enables device identification and risk detection. Thus, it helps to limit fraud within digital channels.
For its part, Accertify is a leading provider of fraud prevention, billing and payment management solutions. Many companies have developed a variety of algorithms, but Accertify has billions of transactions and data points to feed its people. The company can then better identify the good and the bad actors in the different systems.
Reduce fraud with digital payment solutions
New digital payment solutions have emerged in recent years to reduce manual inefficiencies, improve the efficiency of reconciliations and, most importantly, reduce the risk of fraud by enabling businesses to detect and analyze easily mistakes. These solutions offer the convenience of traditional credit card payment, in addition to providing accurate controls for transactions. Businesses can, therefore, set pre-authorized payment amounts and dates that specify the amount of time suppliers have to complete transactions. In addition, most digital payment solutions assign a unique number to each transaction, which simplifies the reconciliation process and facilitates the detection of fraud.
Invest in Emerging Cybersecurity Solutions
Recent research has shown Canadian business leaders to see cybersecurity as a major challenge. Unfortunately, the existing infrastructure for cross-border payments is often outdated, inefficient and insecure. Business leaders therefore have a strong interest in investing in new technologies, such as Blockchain, that can improve data protection and thus provide a stronger line of defense against cyber attacks.