Financials and Cash Flow

Online payment fraud: A look at the numbers and how to prevent it

A look at payment-related fraud and what it costs businesses.

Published: April 13, 2017
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Online payment fraud: A look at the numbers and how to prevent it

With chip card technology making in-person counterfeit fraud less common, there is an increase in online fraud — costing businesses millions of dollars each year and potentially damaging reputations and relationships. Here’s a look at payment-related fraud and what it costs businesses.

Online payment fraud

Online fraud transactions are expected to reach $25.6 billion by 2020, up from $10.7 billion in 2015.1 Phishing: Attempts to obtain sensitive information such as passwords or account information for the purposes of fraud.

77% of businesses were victim to a phishing attack in 2015, and 80% of malware attacks were caused by phishing attempts.

Malware installation: Viruses, software, or programs installed by fraudsters with the intent to harm the business. Compromised emails cost businesses $263 million in 2015, and malicious software attacks cost businesses more than $1.6 million in 2015.

Tips for preventing online payment fraud

Never reply to emails that ask for personal or credit card information. • Install anti-malware, firewall, and spyware software to prevent security threats. • Regularly download and install security updates on your computer. • Create strong passwords and change them every 60 to 90 days. • Regularly talk to employees about cybercrime and how to prevent it.

For information about accepting payments securely from your customers, visit our Merchant Security and Loss Prevention page at wellsfargo.com/biz/merchant/manage/security. Current Wells Fargo Merchant Services customers can also call us at 1-800-451-5817. Not yet a customer? Call 1-866-380-9828.

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