of ‘investigating’ their customer, at risk of annoying them

 Account breaches allow others to run up bills on behalf of customers. This is not the fault of the customer or the merchant. However find , it is still difficult for a merchant to investigate a fraud event. Also, there are instances where the fraud is actually committed by a customer trying to get a freebie. 

 

This produces a two-fold problem for the merchant.

§  The frustrating process of ‘investigating’ their customer, at risk of annoying them. The worst result is that the cu house stomer leaves a scathing review. 

§  By not investigating fraud claims, customers could get something for nothing. The merchant is left with paying the bill. 

In either of these scenarios, the merchant’s bottom line is at risk. The merchant either increases prices or makes security painfully cumbersome to deal with.

Brand Identity for Financial Services

With financial services, the security of its platforms is itself on handling money securely! Account hacking can really reap havoc for online financial services platforms. Compared to other industries, the public relations fallout can be deva business stating. In particular, consumers expect a higher standard of protection from an account takeover from banks. 

The Long Run

The issue of account hacking can extend into the future. It isn’t a short term problem. Once your business has become a target, it is more likely that it will be targeted again. Fraudsters are aware that certain platforms are a haven for their ill intentions. You may be in for persistent attacks into the future. 

§  As an eCommerce or financial services brand, if an account breach is suspected you must increase security for the platform.

§  For customers affected by this fraud, great care should be taken to overhaul passwords for all sites that are being used.

How To Protect Against Account Theft

If you have simple passwords, these can be easily guessed. In turn, this introduces exploitable weaknesses. Unfortunately, many users use the same passwords across multiple platforms. A recent report revealed that the majority of account takeover breaches were due to compromised passwords. However, the fault for the hack will almost always fall at the merchant’s feet. Quite often account theft is due to account holder laziness, so this must be managed by the platform. 

Here are just a few ways to achieve this. 

1.    Two Factor Authentication

Passwords have been around for ages. They’ve existed since the birth of internet security. Two-factor authentication introduces an additional layer of questioning. This is unique to the individual user. It’s an effective way to prove their identity. This usually comes in the form of a personal question, such as:

§  What is your mother’s maiden name?

§  What was the name of your first pet?

§  What was the first street you lived on?

Users can even set their own questions to heighten the security of two-factor authentication.

 

2. Password Strength Settings

You can adjust the settings on your passwords to require additional characters. It’s advised to incorporate letters, numbers, capital letters, and symbols. This makes it harder for