The Better Business Bureau (BBB) warns that COVID-19 has led to a rise in online fraud. Scammers are expected to be active through the 2021 holiday season. This article will tell you more about the increase in scam activity and help you with a secure high risk merchant account.
Online Fraud Is on the Rise
In today’s increasingly digital age, scammers are getting more sophisticated about online purchases. Did you know that online scams now make up over 1/3 of all scam reports filed with the BBB? Four out of five consumers reporting this type of scam lose money. Thus, online purchasing scams have become the riskiest scam type, as the 2020 BBB Scam Tracker Risk Report shows.
Risks are also associated with social media ads on social media platforms and seasonal employment opportunities.
The BBB isn’t the only body warning about online scams. According to the Oklahoma City FBI Division, the public must be wary of online fraudsters aiming to get access to your money and sensitive information. Acting Special Agent in Charge Alvin Winston says that if a deal seems too good to be true, it probably is.
Protecting Your Business Against Fraud: High Risk Merchant Account
Recent research from the cybersecurity company Bitdefender has revealed some interesting facts. E.g., Black Friday deals on Ray-Ban and Oakley sunglasses were some of the most widely spread lures used in phishing emails registered in early November.
Since the move to the online shopping space has accelerated due to COVID-19, you should anticipate more online purchases this holiday shopping season. How are you going to protect your online transactions? One thing is certain: you should use a highly secure merchant account to accept payments from your customers.
Thankfully, there are reputable payment processors that provide the latest fraud prevention and chargeback mitigation techniques for merchants. So, turn to an expert merchant processor to get the safest and cheapest solutions geared towards protecting a low and high risk merchant account.
Warning: Scammers Ahead of Holiday Shopping Season
The holiday shopping season is picking up. The Better Business Bureau warns consumers about a rise in online scams. Make sure to use a safe merchant account from a reputable provider.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.