Have you ever been afraid of expanding your business for fear of fraud? Fraud comes in diverse forms and can happen to anyone at any time. Fraud can ruin your personal and/or business finances. Favorably, numerous business organizations have stringent measures and standards to help guard you against fraud. As online business and store owners, we must beware as some shoppers can get tricky with using false information to purchase items. Some use e-checks and abuse return policies. While becoming a victim of fraud is a reality and possibility, I don’t want you to steer clear of online selling out of fear.
Here are some useful pointers to protect yourself from fraud and the necessary steps for prevention:
1. Know your customer:
If someone’s billing address does not match the shipping address pay close attention. When you are given non-matching personal information, be sure to reach out to the customer by telephone and/or email to verify that they actually have completed the purchase.
2. Go to your history:
An IP address plays an important role in online shopping. If someone is using a variety of IP addresses or an IP address located in a different place than the shopper, you’ll want to be careful and verify this information. Always examine where your orders come from and take note of any red flags.
3. Assign a restocking fee.
Recognize the signs of abusive customers when it comes to your returns policies. Use your own discretion to decide if a full refund is appropriate and develop clear restrictions on return policies.
No matter the business, there will always be a risk, whether it’s opening a bank account or swiping your credit card. But in all you do, be sure to take precautionary measures to protect yourself and business from online fraud.
Check out my video below where I explain further how to protect yourself against online fraud:
Thanks for watching! If you have any questions, feel free to drop me a comment below and I’d love to help!
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Until next time,