3 Security Hacks Your Small Business Can Use to Reduce Payment Fraud 68

3 Security Hacks Your Small Business Can Use to Reduce Payment Fraud

The following article is a guest post.

There is a cause for alarm in the financial sector resulting from the increasing rise in retail fraud. This worrisome trend has been confirmed by reports released by a LexisNexis study which indicates a rise in the retail fraud cases from 2015-2016.

The negative impact on the percentage of revenue has been reported to have increased from 1.32% to 1.47% during this period.

The major concern for retail businesses and their customers is the increasing rate of mobile fraud. It has led to a reduction in the expected revenue from mCommerce merchants; this unfortunate trend has given rise to questions about the security measures put in place to monitor mobile transactions.

A significant number of mobile transactions made through mCommerce are reported as fraudulent every month.

With the expected increase in active mCommerce channels over the next two years, there should be a system to ensure adequate security for customers.

Currently, the number of mCommerce channels optimized for mobile transactions is less than 20%, with an additional 32% of the existing mCommerce companies expected to adopt this system within the next 12 months depending on the financial capacity and the extent to which the companies think it is important for their businesses.

On average merchants exclusive to the US have indicated a rise of 8% during the course of last year as the value of fraud losses, the representation in dollar depicts a loss of about $2.40 from chargebacks, fees and product replacements demanded by customers for various reasons.

[See the full report]

Make sure your business isn’t a victim of online fraud and use these 3 security hacks;

Security Hack 1: Create Stronger Passwords For Your Accounts

A simple way entrepreneurs and SMB leaders can enhance their online security is to ensure the use of secure passwords that cannot be easily compromised.

It seems so simple that it is commonly ignored.

There is currently a wide range of online applications designed to make several kinds of business operations easy to process, these methods are regularly used by small scale businesses and they all require the use of passwords as an extra form of security. What is commonly practiced is the public display of these passwords since the system is publicly used by the entire team.

This is not a safe practice.

Secure and difficult to guess passwords is recommended as a good form of data protection in any kind of organization. Business owners are reminded of the need for stronger passwords on occasions like the World Password Day which will be recognized on May 4th 2017.

A strong password gives the user a high level of confidence while using the various financial services and other applications with sensitive information online.

Many members of the online community will confirm that they would rather continue using the easy to remember passwords they have been using over the years, even for new programs they have just had installed.  Increasing the level of protection for the business is more important.

The best passwords are characterized by a mix of uppercase and lowercase letters and random figures. Special characters can also be included for more security.  Check out the Password Generator to help.

It should be noted that using the exact same password for your corporate accounts and other personal accounts can have serious security consequences.

There have been reports of a string of breaches into the accounts of a company, cases where the same password was used for all accounts and could be accessed leading to a significant loss of data.

Security Hack 2: Use A 3rd Party Payment Gateway

The choice of using a third party gateway provides extra protection because these duly registered and accredited gateways have been checked to confirm their PCI compliance.

This is good news for the customers who will operate under this already secured compliance system.

Third party payment Gateway providers like Total Processing Payment Solutions are classified as Tier-1 service providers after passing all the audit requirements as stated by the regulatory bodies.

This means, just by using their service you are fully PCI compliant.   Alternatively, other providers can be used who are not registered gateway providers. They provide web hosting services with fewer than 300,000 transactions like this, however, their businesses are not professionally audited and this can pose a risk for the merchant.

To maintain the confidence of using a PCI compliant system, the acquirer is expected to meet the standards as specified by the brand and this expectation is also stated as a requirement from the merchant who needs to be PCI compliant.

Security Hack 3: Train Your Staff In Security Compliance

The best secure environment in any workplace is one where the staff have updated knowledge about the basic security measures needed to protect official sensitive information and company resources.

This will be implemented by creating a system that makes it mandatory for these secure practices and policies to be adhered to while carrying out all forms of official duties. Training the employees to become proficient in deploying these security practices is the best way to prevent any form of cyber breach.

The importance of creating a system that permits regular security training to update the employees on the latest security innovations should never be overlooked.

The aim here is to educate the employees about commonly reported security threats and other avenues through which the system can be breached while educating the staff about the basic methods that can be used to stop these attacks.

Security challenges should be considered a top priority in every organization. End users can also be encouraged to invest in the company shares as a means of increasing the security against these online threats.

Employees can also be a part of this buy-in process when they buy the shares of the company they work with, the management can then focus on educating them on how to protect the business together since they are now part-owners of the business.

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10 Things Uber Successful People Do in the Morning 15

10 Things Uber Successful People Do in the Morning

Who doesn’t want to be successful? Whatever our purpose in life may be, we want to achieve success with it. Although success is usually perceived as career growth, it also encompasses personal growth. These two things go together.

So what can we do to reach the personal and professional growth of uber successful people? Maybe we can imitate some of their habits. Their morning rituals, in particular, set the pace of the day.

Did you know that the way you start your mornings affects your entire day?

You probably felt that, but guess what: science proves it as a fact, too.

In a study called “Waking up on the wrong side of the bed: start-of-workday mood, work events, employee affect, and performance,” researchers found that whatever the mood of workers was during the morning, they preserved it throughout the entire day.

So if you start off in a good mood, you have greater chances of having a great day. That’s why morning routines are so important.

Let’s learn from the ultra successful people, shall we? How do they start their mornings?

What The Most Successful Do in The Morning

1. Spend Time with the Partner.

relationships

As we said, success is not only about professional achievements. It also means having the right person by your side.

Take Mark Zuckerberg and Priscilla Chan as an example. They are both crazy successful, and they are definitely happy to have each other.

Waking up next to the person you love makes every morning special. Appreciate that moment. Have a coffee together. Talk. Be glad you’re there for each other.

2. Mindfulness.

Yes; mindfulness is a habit.

Successful people are always busy. Can you imagine a hectic morning with dozens of urgent email messages, business partners calling, and the kids yelling? And they are still in their pajamas! That’s why they practice mindfulness.

Researchers from The University of Sydney found that mindfulness reduces work-related stress and improves the mood at work. That’s why successful people always seem ready to deal with any situation.

So how do you practice mindfulness in the morning?

Just wake up. Take few deep breaths. Be aware of the present moment. Be aware of the responsibilities the day ahead will bring. Relax, and tell yourself that you’re ready.

3. Plan the Day.

A good plan will set you on the right track.

Plan your tasks for the day in the morning. When you have such an outline, it will be easier to handle all responsibilities. You’ll know you’ll have time for all tasks.

If you realize there’s not enough time, you should plan how to outsource. If, for example, you cannot complete a business report, you can hire assignment masters to write or edit it for you.

4. Exercise.

I know; it’s a cliché. However, it’s also an activity that works.

Physical exercise makes you fitter, but it also makes you happierWhen you’re done with your morning exercise ritual, you feel at ease, and things start to clear up.

Most successful people exercise. Hillary Clinton does yoga. Obama works out for 45 minutes six days per week. Mark Cuban does cardio fitness. Follow their example!

5. Practice Patience.

Too many things ahead? If your schedule is busy, you’ll be eager to get things done ASAP. The morning is the period of the day when you should practice patience. Relax.

You already made a plan. There’s time for everything. You’ll get through the day. For now, cherish this precious moment of morning relaxation.

6. Juice Up.

How to Win The 9-to-5 Battle by Staying Healthy at Work letsreachsuccess.com

It’s no wonder why so many celebrities are into the latest juice detox trend. Healthy juices give you valuable nutrients and make you feel more energized.

Have a different juice every single morning. Sure, the juicer will take some cleaning after, but the juice will certainly give you enough energy for that.

7. Eat Breakfast.

You saw this coming, didn’t you?

Uber successful people know that the breakfast is the most important meal of the day. It’s even better when it’s healthy.

Yes; the juice can be your breakfast, but it won’t make you feel full for long. If you don’t intend to have a standard breakfast, pack some fruit for work. A banana and an apple are mandatory!

8. Hydrate.

Have a glass of water as soon as you wake up. Hydration is essential for the way your entire system functions.

9. Be With the Right People.

In Tools of Titans, author Timothy Ferriss refers to a so-called “five chimps theory” in zoology. According to that theory, you can predict the behavior of any chimp if you analyze the five chimps they usually hang out with.

There’s a lot of wisdom in that theory. When you surround with nervous people, you’re nervous, too. When you surround yourself with positive characters, you reflect good vibes, too.

The first people you contact in the morning will set the mood for your day. Choose them carefully.

10. Celebrate Achievements.

When you wake up with a positive mindset, you’ll boost your chances of spending a good day.

Instead of thinking about all obstacles ahead, you should take time to think about all achievements you’ve made towards your current goals. This appreciation will convince you that you’re on the right track.

When we sum things up, all these morning habits of the ultra successful people seem pretty simple, don’t they?

However, it takes tons of persistence and commitment to stay true to them. Start by making small steps. Pick few of these activities and repeat them every day, until they turn into habits.   

***
Cathy Baylis is a personal growth expert who writes insightful articles that motivate and challenge others. She has worked as a writer for a little over a decade now, and owns several blogs that she updates on her free time.