How retailers can be safe from cyber fraud this #BlackFriday
By Simon McCullough - Nov 21st 2018, 11:09
Black Friday is fast approaching, and a lot of retailers are preparing for an influx of sales and consumer traffic across all points of purchase – apps, online and in-store. This high volume of purchases puts most retailers and consumers at risk for a range of cyber security fraud and loss of critical information.
Tips for retailers:
To help detect fraudulent activity, retailers should monitor regular customers and the devices they normally use for purchases. If an alternative device is used, they can challenge the transaction with additional checks.
Retailers must ensure that they can gather enough transactional data, and therefore evidence, to prove the fraudulent nature of a transaction or its validity in the case of ‘friendly fraud’. Tactics such as using e-signatures or voice verification can help keep high-value transactions secure.
It’s vital to be able to detect new accounts that have been opened on an online retail store that may be used for fraud purposes. This information can be hooked into shared real-time fraud databases to cross-reference known fraud data such as flagged delivery addresses and mobile numbers, as well as highlighting inconsistencies in sales transactions.
Contraction in economy looms in the first quarter
17/05/2019 - 09:16
Weak performances in the retail, mining and manufacturing sectors, which bore the brunt of the most severe power cuts the country has experienced yet, indicates that the economy contracted in the first quarter of the year.
Richemont lifts dividend 5% as online platforms boost sales
17/05/2019 - 08:52
Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.'
Taking stock of fashion's $210bn inventory problem
16/05/2019 - 11:08
Fashion retailers are faced with a dilemma: to keep up with the demands of 'fast fashion' they need rapid stock turnover. But what do they do with the surplus?
Retail sector barely budged in March
16/05/2019 - 09:54
Consumers were under pressure in March with a 74c/l hike in the petrol price and slightly higher inflation.
Dischem's employee strike costs it more than 75m
16/05/2019 - 08:31
Dis-Chem Pharmacies says a strike by employees that lasted nearly five months shaved up to R76.4m off its profits in the year to end-February.