Hey there, small business owner!
The holiday season is here, and while it’s the most wonderful time of the year for sales, it’s also prime time for fraudsters. At USB, we’ve been working with small businesses in Baltimore and across Maryland for years, so we know how crazy this time can get. Fraud isn’t just a big-box store problem—it’s happening everywhere, and small businesses are often the biggest targets.
Here’s the good news: a few quick changes can help protect your business and your bottom line. We’ve also thrown in a few stats to show just how important these steps are. Let’s dive in!
- Fraud Is Real—Pay Attention to Payments
Did you know that 1 in 4 small businesses fall victim to payment fraud every year? Fraudsters love the holiday rush because it’s easy to hide shady transactions in all the chaos.
Keep an eye out for these red flags:
- Mismatched billing and shipping addresses
- Unusually large orders from new customers
- Rush shipping requests (fraudsters love quick exits)
If something feels off, don’t ignore it! Take a moment to verify the order. Trust us, stopping fraud before it happens is way easier than dealing with the fallout.
- Use the Right Tools
Still using outdated payment systems? It’s time to upgrade.
Here’s why: chip-enabled (EMV) card readers have reduced counterfeit fraud by 76% since they were introduced. That’s huge!
Investing in modern, secure payment systems protects your business and your customers. Plus, if you’re handling online payments, tools like fraud detection software and address verification systems (AVS) can stop bad transactions before they’re processed.
Not sure where to start? We can walk you through it—it’s what we do best.
- Online Shopping = Higher Fraud Risk
Online shopping is booming. It’s convenient for customers, but unfortunately, it’s also a hotbed for fraud. In fact, e-commerce fraud losses are expected to hit $48 billion globally in 2023.
So, how do you protect your online store?
- Add address verification (AVS) to check if billing addresses match.
- Require CVV codes for credit card payments.
- Use a secure payment gateway with built-in fraud detection.
These steps might sound a little technical, but they’re easier than you think—and we’re here to make them happen.
- Your Team Can Be Your Best Defense
Did you know that proper training can reduce the risk of fraud by 33%? Your employees are on the front lines, so give them the tools to recognize suspicious transactions, handle counterfeit bills, and spot chargeback fraud.
You don’t need to run a big seminar—just a quick rundown on the most common scams can make all the difference.
- Customers Care About Security
Here’s a stat for you: 81% of consumers are more likely to shop with businesses they believe protect their data.
Let your customers know you’re serious about security. Post a sign at your register or add a blurb to your website about your secure payment systems. It’s a simple step that builds trust—and it shows you’re a step ahead of the competition.
Why Fraud Prevention Matters
Here’s the thing: fraud doesn’t just cost you money. It can hurt your reputation, slow down operations, and create major headaches. And for small businesses, that can be a lot harder to bounce back from. On average, businesses lose $4.2 million a year to fraud—and while that number is skewed toward larger companies, even small losses can add up fast.
Let’s Protect Your Business Together
The holiday season is busy, and you’ve got a million other things on your plate. That’s why we make fraud protection simple and effective.
Whether you need help upgrading your systems, locking down your online store, or just want some quick advice, we’ve got your back. Plus, when you call us, we’ll pick up in two rings or less (because who has time to wait?).
Let’s Make This Holiday Season Your Best Yet
Don’t let fraud steal your holiday cheer. With the right tools and a little preparation, you can keep your business safe and focus on what really matters—your customers.
Ready to take the next step? Contact us today to learn how we can help protect your business. We’ll make it easy; we promise.
Here’s to a safe, successful season!
Call us now and let’s chat.
(410) 828-4286