The online marketing industry is growing rapidly and is projected to more than $200 billion in 2021. The demand for marketing services has also increased in recent times. This explosion has also led to online brand fraud.
Online brand fraud is a problem that has been increasing with the rise in e-commerce. Do you know what brand fraud is and how to combat it? Brand fraud can happen on many levels and stems from both online and offline. It’s important for brands to understand online brand fraud to combat this.
This blog is going to look at what online brand fraud is and why it is an important issue for businesses to understand. We will also look at some of the different ways businesses can combat the problem.
What is online brand fraud?
Online brand fraud is a real problem for e-commerce brands. It costs companies millions of dollars every year. Online brand fraud is when a brand is counterfeited online through a fake website, social media account, or social media review. Online brand fraud is a criminal act.
Online brand fraud can be defined as the use of a commercial business, product, or service brand name or logo, that takes unfair advantage of the goodwill and reputation of a competing commercial business, product, or service brand name or logo, to achieve a misleading or unfair commercial advantage over the competing commercial business, product, or service.
Brand phishing fraud is a form of Internet fraud that involves creating a website that looks very similar to a legitimate site and using it to acquire confidential information such as usernames, passwords, and credit card details of the genuine site’s customers. This information can then be used to steal the identity of the victim. These sites are usually created by phishing, which is the attempt to acquire sensitive information such as usernames, passwords, and credit card details by masquerading as a trustworthy entity in an electronic communication.
Phishing is when someone is tricked into giving personal information or financial information to a fake website that looks just like a real website. Phishing is most common in email, but it can also happen in a search engine. Phishing fraud may be difficult to spot, but there are a few things you can do to combat it.
Credit card fraud
If you are doing business online, chances are you have heard of online credit card fraud. In fact, a study conducted by the NetNames company has shown that online brand fraud costs online retailers over $3.7 billion a year. It is worth mentioning that this type of fraud is not only conducted against online retailers. And if you are thinking that brand fraud is a new type of crime, you are mistaken. Brand fraud has been around for a long time. In fact, it has always been one of the most popular types of fraud in the world. However, today brand fraud is conducted not only offline.
Credit card fraud is a crime that happens when a person uses someone else’s credit card information to buy things. It’s different from identity theft because in identity theft the thief steals the card’s information, but the thief doesn’t use that information to make purchases. When credit card fraud happens, the thief uses the credit card information to buy things from a merchant.
Conduct site audits
Site audits are the first step in fighting fraud. If you don’t know how you’re being cheated, you can’t fix it. The site audit should be done by someone who looks at your website as a user. This means they’re not the person who built the website. They don’t know what’s supposed to be there, they just know what they see and what they think should be there.
Fraud is being committed on the Internet every day. It’s not just about stealing credit card information, but it’s also about stealing identities and other personal information, and it’s happening more than you think. Your brand is your online reputation, and if criminals can tarnish your brand, they can destroy your online reputation and your business. And because your online reputation is the key to your success, you need to make sure it stays as untarnished as possible. Don’t let criminals rob you of the success that you’re trying to achieve. Conduct a site audit and check for security gaps that might be exposing your brand to fraud.
Monitor any suspicious activity
More and more criminals are targeting online businesses and their customers. The most common way to steal from a business is via online brand fraud. Any online business that sells products online or accepts payment online is open to being targeted by brand fraud. Brand fraud is a broad term that refers to any situation where a fraudulent transaction is made using a legitimate business’ brand name and/or their products. The most common form of brand fraud is e-commerce payment fraud, which is where an individual purchases goods or services using a stolen credit card.
There are many ways to avoid being the victim of brand fraud. If a company asks you to deliver loads of goods out of nowhere, you can always do a background check on the company. Make sure you check with the Better Business Bureau to see if there are any complaints registered.
Utilize Address Verification Service
Address verification is a tool that allows you to search for an address, verify if it is valid, and provide you with information about it. If you are an e-commerce site, you can use this to verify the address of the cardholder for a transaction. The purpose of the service is to verify that the cardholder is indeed at the address you are making a transaction from. You can use this service to verify the address of the business as well. This is important if you’re doing business internationally.
Address Verification Service or AVS is a credit card validation service that is used by many online merchants to verify a user’s billing address. AVS will return a result that indicates whether the address provided by the user matches the address on file with the card-issuing bank. If the information does not match the merchant will decline the transaction. AVS is one of the first lines of defense against online fraud and is used in conjunction with CVV checks (see below) to reduce the risk of online fraud.
Ask for CVV
Fraud is on the rise online, and nearly every business is at risk. Ransomware, malware, and data breaches are all examples of brand fraud, but the most common form of fraud is the use of stolen credit cards. Thieves are using stolen credit cards to purchase products from your business, and you may never realize it until you get a call from a credit card company or the police.
You can find out if a credit card is legit or not through its CVV. This is one of the easiest ways to know the authenticity of the customer. Ask for a CVV number, which is Card Verification Value, is a 3- or 4-character code on the back of the credit card, along with the card number. This is the best way to know the customer is real because it can tell you if the customer actually has a credit card or not.
Get help from professionals
Today’s world is full of risks and threats. There are many things you can do to try to protect your business and customers. However, if you want to be sure that all your business information is protected and safe, then you need to hire professionals. The first and the most important thing you should do to protect your business is to hire a company that specializes in brand protection. A company that specializes in brand fraud protection in Australia is called a cyber brand protection company.
Limit over the top purchase
In this day and age, it’s incredibly important for e-commerce stores to make sure that the customers they attract are real people. The last thing you need is for your online shop to be overrun with “bots” or “zombie” accounts which will only frustrate your customers, cause a drop in conversions and ultimately turn away loyal consumers. One way to combat this is to make sure that people aren’t able to add more items to their cart than they can physically purchase. If the customer can’t purchase more than the total available items, it makes it harder for bots to add items to their cart and make a purchase.