Saturday, November 23African Digital Business Magazine

Tag: online payment fraud

16May By Africa BusinessNo Comments
Fintech

Experts reveal how businesses and sellers can spot online payment scams

When it comes to online shopping, customers aren’t the only ones who can fall victim to scams. Many scams target businesses and sellers instead, therefore anyone selling goods online must know how to avoid being impacted and what to do if their business is affected. In fact, according to Business Wire, there was a 71% increase in payment fraud attempts on US businesses in 2023 – a statistic that highlights how important it is for online sellers to remain wary of practices that could undermine their services and cause financial damage. With that in mind, Dennis Pederson, CEO of PayFasto, has compiled a list of five common payment scams that online sellers should be aware of and how to respond in the unlucky event of experiencing them. Phishing scams Phish...
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Payment Fraud: Steps to Take If Your Business Gets Scammed
4Apr By Africa BusinessNo Comments
Fintech

Payment Fraud: Steps to Take If Your Business Gets Scammed

Payment fraud is a nightmare scenario for any business. Irrespective of size, companies face substantial financial and reputational harm resulting from fraudulent activity. Depending on the severity of the crime and the losses incurred, the very survival of the business may be at stake. Ryan Mer, CEO at eftsure Africa,  a Know Your Payee™ (KYP) platform provider, says banking and payment fraud remains a serious concern as fraudsters use increasingly sophisticated methods to exploit process vulnerabilities and take advantage of human error. A 2021 TransUnion report noted a significant surge in fraud and criminal activity related to financial services in South Africa, with fraud in this sector surging over 187% in the last year. An Accenture report from the previous year confirms South Afr...
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