In today’s digital-first world, businesses increasingly rely on online transactions to cater to modern customer demands. But with the convenience and accessibility of online payments comes the looming threat of potential fraud and security breaches.
Recent projections suggest a staggering increase in online payment fraud, with global losses forecasted to $362 billion from 2023 to 2028.1
That’s why it's critical for businesses to step up their security efforts to protect both their finances and their shoppers’ data. Explore practical strategies to help minimize the risks associated with online payments.
Online payment security references the measures and protocols put in place to safeguard online transactions and protect sensitive financial information from unauthorized access, fraud, and other malicious activities like data breaches.
Without adequate online payment security measures, businesses may be at risk for:
In addition to impacting a business, compromised payment security poses a threat to customers who entrust their sensitive information during transactions. Data breaches can lead to identity theft, unauthorized charges, and other forms of financial fraud.
Get an introduction to online payments.
Operating in online payment systems comes with its share of challenges, including potential fraud, data breaches, and chargebacks, all of which can affect a business’s finances and reputation.
There are several different risks of online payments. Here are some common examples to be aware of:
To navigate through these challenges, businesses should stay vigilant and put strong security measures in place to keep their operations as safe as possible. Explore more risk management solutions.
While online payments pose risks, there are ways to effectively manage and mitigate them. Explore how you can take control of your online payment security to help lead to smooth transactions and peace of mind for both you and your customers.
Increasing payment and website security can help prevent criminals from exploiting vulnerabilities and harming your business. This may involve some key practices:
PayPal offers robust security products for businesses, including built-in risk management tools and compliance. Its platform can:
With seamless payment processing and comprehensive security measures, PayPal helps businesses to securely manage transactions and protect sensitive data. By leveraging PayPal's trusted platform, businesses can streamline operations, expand their customer base, and stay ahead of evolving security threats, all while maintaining compliance with industry regulations. Learn more about checkout solutions with built-in risk management.
In partnership with three expert business owners, the PayPal Bootcamp includes practical checklists and a short video loaded with tips to help take your business to the next level.
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