Black Friday is coming. A moment of great opportunity for companies. Consumers looking for the best deals on gifts for their friends and family and shopping. But, as you know, with opportunity comes risk. And one of the biggest risks is fraud.
This is why companies, especially e-commerce, need to take precautions against fraud in this season of great promotions. Fortunately, there are steps you can take to protect yourself from potential cybercriminals and scammers.
In this article we will describe some of these steps, so that your company can enjoy Black Friday safely and successfully.
Black Friday: good deals and high risk for e-commerce
A study done by ClearSale showed that, in Brazil, the number of fraud attempts on Black Friday in 2021 grew 131.54% in online purchases when compared to the same period in 2020. The increase was from 51,553 potentially fraudulent applications in 2020 to 119,318 this year.
In financial terms, there were R$125.8 million in fraud prevented in virtual retail in 2021, an increase of 79% compared to the R$70.3 million recorded a year earlier.
In 2022 it will be no different. Cybercriminals continue to threaten businesses and consumers as e-commerce continues to grow. With online shopping accounting for a larger percentage of companies’ total sales, it is crucial that they are secure against fraud.
E-commerce companies should prepare for Black Friday by taking security measures to avoid fraud. If you still don’t know where to start, don’t worry. The following are some of the best practices for your company to protect itself against online fraud.
The main types of fraud that occur during Black Friday that can affect your e-commerce
The main types of fraud that occur during Black Friday and that can affect your company include:
- Credit Card Fraud
Cybercriminals can use stolen information to make online purchases from your company. Therefore, it is critical that the company checks for suspicious transactions and blocks credit cards that have been swiped.
- Order Fraud
Fraudsters may send fake orders to your company, trying to get goods for free. The tip here is to check the requests before processing them.
- Delivery fraud
Criminals can intercept packages sent to your company, replacing the products with counterfeit items. So be careful when choosing a carrier and checking the delivery of packages.
In addition to these frauds, there is also the risk of financial scams, such as phishing and selling personal data. To protect against these scams, companies need to implement adequate security measures, such as the use of strong passwords and up-to-date antivirus software.
How can retail companies prepare for Black Friday?
There are several steps that retail businesses can take to prepare for Black Friday. Some of them are:
- Do a risk analysis: It is important for companies to identify the main risks faced during Black Friday. This will help you take appropriate security measures to avoid fraud.
- Verify transactions: companies should monitor transactions to identify suspicious purchases. If a problem is identified, take the necessary steps to prevent fraud from being committed.
- Be careful with orders: companies should check orders before processing them. This will prevent products being handed over to cybercriminals.
- Protecting customer data: Companies should take steps to protect customer data, such as using strong passwords and storing information securely.
On Black Friday, PayShield 10K is an important technological resource in the fight against fraud.
Thales’ fifth generation payment HSM, payShield 10K provides proven security features in critical environments, including transaction processing, protection of sensitive data, payment credential issuance, mobile card acceptance, and tokenization.
The new version, similar to its predecessor payShield 9000, can be used across the global ecosystem by issuers, service providers, acquirers, processors, and payment networks.
payShield 10K offers several benefits that complement the previous versions, showing Thales’ commitment to the continuous improvement of its products.
In practice, the new version:
- Simplifies deployment in data centers;
- It offers high resiliency and availability;
- It provides the broadest card and mobile application support in a timely manner;
- Supports performance upgrades without hardware change;
- Maintains compatibility with all legacy Thales payment HSMs.
payShield 10K ensures payment security
With payShield 10K you are assured that your company meets the highest security standards in the financial industry.
The fifth generation of payment HSMs from Thales, Eval’s partner company, offers a suite of proven security features in critical environments, in addition to transaction processing, protection of sensitive data, payment credential issuance, mobile card acceptance, and tokenization.
The payShield 10K solution offers several benefits and enables issuers, service providers, acquirers, processors, and payment networks across the global payments ecosystem to use it.
Eval Professional Services has a team of specialized professionals with the best practices in the market
Benefit from our years of experience and expertise in information security and LGPD compliance. We will be your partner for realizing digitization projects in compliance with security and data protection regulations.
We share our expertise across all business flows in healthcare organizations to help you minimize risk, maximize performance, and ensure the data protection your patients and partners expect.
EVAL has been developing projects in the financial, health, education and industry segments for over 18 years. Since 2004, we have offered Authentication, Electronic and Digital Signature and Data Protection solutions. Currently, we are present in the main Brazilian banks, health institutions, schools and universities, and different industries.
With value recognized by the market, EVAL’s solutions and services meet the highest regulatory standards of public and private organizations, such as SBIS, ITI, PCI DSS, and LGPD. In practice, we promote information security and compliance, increase companies’ operational efficiency, and reduce costs.
Innovate now, lead always: get to know Eval’s solutions and services and take your company to the next level.
Eval, safety is value.