With the retail sector in the full swing of the holiday season, Worldpay uncovers four strategies for protecting businesses from fraud whilst still ensuring a successful festive period for growth
The excitement of increased sales opportunities is coupled with the heightened risk of fraud for many a business across this year’s golden quarter.
Total retail sales during the Christmas season are forecast to reach £84.9bn in the UK, according to Statista, making UK consumers the largest holiday season spenders in Europe.
But what does this mean for businesses that are looking to see an increase in sales with the assurance they do not risk any fraudulent transactions?
Here, we examine four ways that businesses can attempt to prevent fraud, protect their business, and ensure a secure and successful holiday season.
1. Multilayered authentication
Implementing multilayered authentication is key to adding an extra lock to your business’ digital door.
Requiring customers to go through multiple verification steps during the payment process, such as two-factor authentication or biometric recognition, not only adds an additional security layer but also enhances the user experience by ensuring legitimate transactions are processed smoothly.
2. Real-time fraud detection
Leverage advanced fraud-detection tools that analyse transaction patterns in real-time.
These systems can swiftly identify suspicious activities and automatically flag or block potentially fraudulent transactions, providing your business with a proactive defence against emerging threats.
3. Tokenisation for sensitive data
In the era of digital transactions, safeguarding sensitive payment information is paramount.
Utilise tokenisation – a process that replaces sensitive data with unique tokens – to ensure that even if cybercriminals breach your systems, they can only access unusable tokenised data.
Worldpay employs state-of-the-art tokenisation protocols, enhancing the security of your customers’ payment information.
4. Collaborative risk management
Collaborative risk management involves sharing insights and intelligence across a network, enabling faster identification of emerging threats and more effective preemptive action throughout the entire shopper journey.
Worldpay offers a multi-layered fraud solution that combines data insights, technology and payment fraud prevention expertise to accurately predict if a transaction is fraudulent, with data leveraged from 40 billion annual transactions.
Choosing the right payment provider is key to safely and securely accepting payments.