To protect your online business, you need to know what risks exist and how to manage them.

By understanding the methods cybercriminals use, you can make the necessary arrangements to protect both you and your customers.

Failure to act now may result in a data breach leading to a loss in revenue, an angry customer, and a detrimental dent to your company’s reputation.

Your site might have all the bells and whistles to attract a potential customer but to convince them not to abandon their cart you need to have a secure online payments system.

This informative article highlights the most common online payment risks you need to be aware of and a solution to counter each threat.

Online Payment Risks

Cybercriminals are tech-savvy and their arsenal to steal from you and your customer continues to grow. However, once you know their preferred methods of attack you can put into place a defence system to protect you and your customers.

The main payment risks online are:

  • Identity Theft
  • Chargeback Fraud
  • Data Breaches

#1 Identity Theft

Identity theft is the deliberate use of someone else’s identity for financial gain.

By stealing your customer’s personal information which was entered into your site, cybercriminals can create a fake profile and ultimately defraud your customer.

Identity Theft

Often customers don’t realise what has happened until they receive a credit card bill or new loan documentation in the post and by then it is too late.

Worryingly, identity theft in the UK rose by 8% in 2018 according to CIFAS – an independent fraud prevention organisation (1). In fact, in 2017 alone, there was a frightening 324,000 cases of fraudulent conduct recorded by CIFAS members.

#2 Chargeback Fraud

Chargeback fraud is where a customer makes a purchase, receives the product or service, yet they claim they didn’t and make their issuing bank perform a refund of payment.

Known as friendly fraud, chargeback fraud was designed to protect customers from scams but ended up becoming a medium for opportunistic thieves to steal from online businesses.

Incredibly almost 86% of all chargebacks (2) are fraudulent! To help prevent this Lumipay screen all transactions 24/7 making it an essential plate in your online armour.

#3 Data Breaches

Data breaches occur when a customer’s personal and financial information is stolen.

Hackers now deploy ever more sophisticated methods to infiltrate sites to gain access to customers personal and financial information.

In the first 9 months of 2019, there were 5183 breaches exposing an astonishing 7.9 billion records! Compared to 2018 this represented a 33% increase in breaches by hackers according to a recent report by Risk Based Security. (3)

At LumiPay we have an extremely advanced fraud protection suite that protects your customer’s data always.

Solutions

At LumiPay we offer a complete package that manages every transaction in an encrypted and secure environment. From transmissions to processing, to storage we have you protected.

Lumipay Online Protection

Our plugins are compatible with leading e-commerce sites including Shopify, WooCommerce, Magento and more, allowing your customer to make payments from traditional and alternative methods.

How we protect your business:

  • Fraud Protection
  • PCI Level 1 Compliance
  • Risk Management

Fraud Protection

Our seamless payment path and intuitive fraud protection suite protects your business and safeguards against risk.

Our intelligent fraud protection suite identifies and stops fraudulent online activities. We do this by screening every single transaction your site. This gives you the power to block any potential bad payments from certain IP addresses, email addresses, locations and more.

PCI Level 1 Compliance

The team at Lumipay have worked tirelessly to achieve the highest recognised security certificate – PCI Level 1 compliance.

We achieved the highest level of security status from the Payment Card Industry Data Security Standard (PCI-DSS Level 1) so you and your customers can feel completely safe with us.

Risk Management

LumiPay provides on-going risk analysis reports that ensure your payments are always safe and secure. Our integrated back office management solutions make it easy to review, detect, and eliminate fraudulent transactions.

Our on-going risk analysis keeps provides the constant vigilance every business owner needs in the 21st century.

Benefits of LumiPay

At Lumipay we provide a seamless advanced solution to a complex problem.

By choosing us you are guaranteed:

  • Dedicated Customer Service
  • Next-Day Payment
  • Low Realistic Pricing
  • Swift Integration Solutions
  • No Rolling Reserve
  • Fraud Protection
  • Perfect For High-Risk Industries
  • Performance Reports
  • Stability To Grow

Conclusion

In order to maintain and grow your online business, you must have software in place that protects both you and your customer.

To build a customer base it is imperative you can guarantee a secure online payment process.

Lumipay’s advanced payment processing system guarantees your customer a secure and seamless online payment.

Our plugins are compatible with the leading e-commerce platforms and allow you to accept traditional and alternative payment methods.

Lumipay offers an easily integrated package that will protect your customers from online fraud and protect your business from fraudulent chargebacks.

Don’t close the gate when the horse has bolted. Contact our dedicated customer service team now and learn how Lumipay can protect you and your business.