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Data Protection

On Black Friday 2022, protect your e-commerce against fraud

Black Friday 2022 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. That’s when PayShield 10K makes a difference.

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’ll describe some of these steps so that your company can enjoy Black Friday 2022 safely and successfully.

Black Friday 2022: 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.

It won’t be any different in 2022. 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 2022 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 occurring during Black Friday 2022 that could affect your e-commerce business

The main types of fraud that occur during Black Friday 2022 and could 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, during Black Friday 2022, be careful when choosing a courier 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 2022?

There are several steps that retail businesses can take to prepare for Black Friday. Some of them are:

  1. Carry out a risk analysis: it is important for companies to identify the main risks they face during Black Friday 2022. This will help you take appropriate security measures to avoid fraud.
  2. 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.
  3. Be careful with orders: companies should check orders before processing them. This will prevent products being handed over to cybercriminals.
  4. Protecting customer data: Companies should take steps to protect customer data, such as using strong passwords and storing information securely.

On Black Friday 2022, 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 guarantees payment security during Black Friday 2022

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 a number of benefits and allows issuers, service providers, acquirers, processors and payment networks across the global payments ecosystem to use it during Black Friday 2022 and beyond.

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 compliance with the LGPD (General Data Protection Act).

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.

About EVAL

With a track record of leadership and innovation dating back to 2004, Eval not only keeps up with technological trends, but we are also in an incessant quest to bring news by offering solutions and services that make a difference to people’s lives.

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.

Written by Arnaldo Miranda, Evaldo. Ai, reviewed by Marcelo Tiziano and designed by Caio.

Data Protection

Fraud and Data Theft: 11 Tips for Customer Security

A Serasa Experian Global Identity and Fraud Survey 2020, shows that 57% of companies are facing increasing losses due to fraud and data theft year after year, despite claiming to be able to identify their customers accurately. That’s why we need to invest in data protection.

The reality shows that three out of five companies said there was an increase in fraud over the past 12 months.

In other words, the study carried out by Serasa Experian shows that companies’ concerns about the increase in fraud and data theft persist even with the investment in security and data protection made in recent years.

Furthermore, the average cost of a data breach in 2020 is $3.86 million, according to IBM’s data breach study. Despite the slight drop from 2019 (USD 3.9 million), it is still a very high amount to pay for fraud and its impacts with customers.

What happens when those responsible for protection are compromised by fraud and data theft?

In September 2017, consumer credit agency Equifax admitted its third cyber attack in two years, when hackers exploited a website vulnerability.

Key Facts About the Cyberattack suffered by Equifax

  • Some 143 million US customers have potentially become vulnerable by having their personal data compromised (with 400,000 in the UK);
  • Confidential information (including social security numbers, driver’s license numbers, dates of birth, medical history and bank account information) was compromised, leaving customers vulnerable to fraud and data theft;
  • Equifax has been criticized for being ill-equipped to manage the breach. It took five weeks to make the violation public, she set up a website for information and a hotline – where customers criticized the lack of information and the long delays;
  • In a notable gaffe, customers were also directed to a fake website in the company’s tweets;
  • Offers of a one-year free credit monitoring and identity theft service were deemed inappropriate;
  • A lawsuit has been filed accusing Equifax of negligence with customer data, with potential cost implications of $68.6 billion.

Consumers whose data has been leaked, stolen, or used in fraud don’t even know that their personal information is at risk for months or even years. But what choice do people have: don’t travel, don’t share, don’t use social media?

Ok, we can make these choices if we need to, but we still need to get health care services, use a bank or a credit union, be insured, or even get our Social Security benefits.

How can companies take the first steps to prevent fraud and data theft?

These are the top tips from experts to help you keep your company’s confidential information safe from fraud and data theft.

1. get rid of paper

If you must keep paper files, destroy them as soon as they are no longer needed. In practice, there are nine things that companies must destroy:

  • Any correspondence with a name and address;
  • Luggage tag;
  • Travel Itineraries;
  • Extra boarding passes;
  • Credit offers;
  • Price list;
  • Vendor payment receipts and paid invoices;
  • Cancelled checks;
  • Receipts.
2. Assess which data you most need to protect against fraud and data theft

Audit or evaluate your data. Every company is different. Each has different regulations, different types of data, different needs for that data, and a different business culture.

Hire an outside expert to assess what data you have, how you are protecting it (not how you think you are protecting it), and where that data is going.

While you may think it is an unnecessary cost, if you report to customers and prospects that you have done an external data assessment, you may find that it puts you at an advantage over your competitors.

3. Restrict access to your confidential data

Not everyone in the company needs access to everything. Does the project manager need pricing information? Does the seller need information about the operations?

By restricting the data to which each person has access, you limit your exposure when an employee decides what they want to steal or when the employee’s account is compromised by an outsider.

4. Apply internal and external data privacy controls

Make sure that third parties and service providers contracted by your company follow the same strict data privacy controls that you implement in your own organization.

Audit them periodically to ensure compliance with your security standards and reduce the risk of fraud and data theft.

5. Use strong passwords to protect computers and devices

Make it difficult for third parties to access your company and employees’ devices and computers if they are lost or stolen by protecting them with strong passwords and enabling remote wiping on all devices.

6. Install or enable a firewall

Even small companies with only a few employees have valuable data that needs to be protected. Make sure you have a firewall installed to prevent strangers from accessing your company’s network.

7. Secure your wireless network

Use a strong password and encryption and security to hide your wireless network from strangers. Don’t let neighbors or passersby get into your network or even see that it exists. You are increasing the risk of fraud and data theft.

8. Combat fraud and maintain good customer relations in accordance with LGPD

Adhering to the fundamental principles of the General Data Protection Law (LGPD) and preventing fraud and data theft, as well as having good customer relations, can go hand in hand.

Minimizing the amount of personal data collected, anonymizing this data and adopting privacy principles from the outset will not only ensure that your customers’ right to data privacy is preserved, but will also help mitigate your risks from the perspective of the LGPD.

9. Data minimization

Whether or not you rely on legitimate interest to acquire data, you should collect only the minimum data necessary to achieve your goal.

If you can combat fraud and data theft with only the smallest amount of non-direct identification information, it’s better. That will mean less data to protect later.

10. Anonymization

Make sure that all data is protected using tokenization or encryption.

In addition to increased security, a clear benefit is that mandatory breach reporting requirements are significantly reduced for anonymized data, as the risk of harm to the data subject is greatly reduced as long as the key is not compromised.

11. Privacy by design

Make data privacy an integral part of your organization’s thought process at all levels.

Make it a habit for all departments to ask questions about what data you need, how you will protect it, and whether or not you need consent. Not to mention that a well thought out privacy strategy will likely create a better user experience.

And don’t forget the authentication! Tampered and stolen credentials are a real threat to the security of your users’ data. This threat vector makes stronger authentication an essential component in the fight against fraud and data theft, as well as defending your users’ right to data privacy.

How EVAL can help your company fight fraud and data theft

EVAL has solutions for application encryption, data tokenization, anonymization, cloud protection, database encryption, big data encryption, structured and unstructured file protection on file server and cloud, and key management to meet different demands in the area of data security.

These are solutions for business to be compliant and protected against data leakage.

About Eval

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.