Security is a top priority for 2021 – switch to Ordo, the safe online payments system
The transition to digital payments went into overdrive in 2020. The majority of consumers turned away from cash and began paying by digital means. Unfortunately, consumers were not the only ones who changed focus; criminals also began concentrating on digital financial crime. It is more important than ever to make sure your business uses a safe online payments system like Ordo in order to protect the interests of your business and your customers.
How scammers target customers
Digital financial crime is not a new thing, but it is becoming more prevalent with the transition to contactless and online payments. Furthermore, scam artists are taking advantage of the times we are living in and adjusting their methods accordingly to play on uncertainties surrounding covid. Types of scams customers need to watch out for include:
Phishing emails or texts – Scammers send information that purports to be from large credible organisations claiming to offer Covid relief money or vaccinations. These communications usually include a link that when clicked steals the recipient’s information or gain access to their computer.
Authorised Push Payment Fraud – a person is tricked into transferring money to a fraudster’s account. Sometimes the scam artist impersonates a trusted organisation or a known individual – something called spoofing.
Invoice interception fraud - Hackers can intercept an email containing an invoice and change the bank account information so the client pays the fraudster instead of the intended recipient.
Unexpected impacts of financial crime
Even if customers are not the victims of financial crime, they still may experience negative impacts. A recent article in Finextra says that financial crime is set to rise in 2021. One important reason this might occur is because the banking industry body UK Finance has pushed to have the contactless limit raised from £45 to £100. If this limit is raised it will mean that people will be able to do almost all of their daily spending with a contactless payment system. Although this might be good for consumers in some ways, in other ways it will create problems. Financial institutions have to monitor the security of transactions. So, if there are more transactions then it is possible that more will be incorrectly flagged up as fraudulent and cause difficulties for the customer and the business alike. Customers are inconvenienced and payments to businesses are delayed.
How businesses can look out for customers
One of the best ways to create a secure customer experience during a time of increased financial crime is to use an instant and safe online payments system like Ordo. Ordo is a low-cost, secure, and fast payment service that is good for your customers and your business. Sensitive payment data is never shared and consumers see who they’re paying before they pay. There is no need to send an invoice separately through email. Instead, keep you and your customers secure from hacking by attaching the invoice directly to the secure smart request. Ordo is also authorised by the FCA and on the FCA’s Financial Services register here so customers know they are legitimate (their company name is The Smart Request Company Ltd and they trade as Ordo). Arrange a quick demonstration today and find out how Ordo can help you help your customers.
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Ordo removes hassle & headache from payments, making getting paid easy. Ordo means reduced costs, immediate money transfer, automatically reconciled payments, invoice security, and happy customers. We’re FCA authorised (FRN836070), invested in by Nationwide Building Society, the former Faster Payments leadership team & CGI partners.