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The more security conscious your employees get, the less money you lose to fraudsters. Your employees need to understand the value of security, and providing a security guide is an easy way to achieve this.
Employees get a sense of responsibility when trained to ensure the safety and security of their workplace. Aside from providing them with security guidelines, ensure they are implemented and get feedback on their effectiveness in your meetings. It’s essential to create a means for your employees to report their difficulties anonymously if they cannot speak about a problem directly.
Security is vital to every establishment, and creating a practical security guide to help employees detect and prevent fraudulent activities is critical.
Common Types of Fraud
Chargeback fraud is the request for a payment reverse or refund as a chargeback. Business owners are the primary victims of a chargeback. It takes time and resources for a company to manage the controversies and fight chargeback claims. Every year, the world average cost of chargebacks is around 0.47% of the total company revenue. Generally, you can trace most chargebacks and losses to fraudulent activity from stolen credit cards.
How Does Chargeback Work?
Chargebacks can either result from dissatisfaction with a product bought online, over the phone, or when a card is stolen or maliciously used without the owner’s consent. In this situation, the card owner can claim to have made no purchase and request a reversal of funds to their bank account – simply put, demand a chargeback.
The funds are usually taken from the concerned company’s account, sent back to the customer, and recorded as losses to the business.Security is vital to every establishment, and creating a practical security guide to help employees detect and prevent fraudulent activities is critical. Click To Tweet
Categories of chargeback fraud;
- Actual fraud occurs when a fraudster steals a cardholder’s information and uses it to make purchases without the merchant’s and the actual card owner’s knowledge. Here the card owner is unaware of the transactions made in his name and requests a reversal when he receives the transaction notifications.
- Friendly fraud: in this scenario, an actual card owner denies the purchases and transactions they have made. Most times, they or their family members make the transaction. It can be due to displeasure in the product or services purchased, or 4% of chargebacks are due to purchases not meeting customers’ expectations. It can also be an outright fraud.
Chargeback Fraud Prevention and Detection:
Reducing fraud is an absolute necessity for every business owner. However, as you implement measures to curb chargeback fraud, endeavor to make your business as close to being chargeback-proof as possible. Lately, 68% of e-commerce companies anticipate more fraud, and 62% plan to invest more in fraud prevention.
Get your employees accustomed to missteps or probable causes of a chargeback by creating security guidelines. SEON can help prevent chargeback fraud with its guide on chargeback fraud. SEON guide provides an easy and effective way to prevent fraud.
Fraud Awareness Training
Conducting employee training sessions is a compulsory activity for fraud detection and prevention. Arming your employees to detect fraudulent action is effective in reducing fraud.
Most fraudsters show characteristics that can act as cautionary clues to their plans. Present your employees the details of the probable type of fraud your company is prone to fall victim to.
Helping your employees understand the possibility of scams in the company will make them more security conscious.
How to create an easy and effective security guide for employee
Identify the risks involved in your business.
As you plan to create a security guide for your employee, identify the risks. When your business is data sensitive, you will require measures that protect data access, or your company needs more physical security. Either way, different risks demand different security guides.
Learn from related companies
What are your competitors doing? How are they going about their security? What measures do they employ? What is their access policy? With the many security programs, observing what other organizations like yours are doing is essential. You can check online or approach other companies to learn more about their security strategies.
Ensure the policy meets legal requirements
As you create your guide, note the legal requirements of every rule you put in place. When you deal with data files with the personal information of individuals, state the legal requirements to avoid a security breach.
The level of security equals the level of risk.
Create balanced security, discover the needed protection and avoid going extra or under. Too much security can affect your company as much as too little.
Extreme security measures can pose a hindrance to good business performance. Create a balance, and don’t overprotect your company.
Include employees in your guide creation process
We all love to feel important and valuable. Involving your staff in the security process gives them a sense of responsibility. Keep your team enlightened as you make rules and develop and implement tools. If your employees understand the need for a security policy, they will comply and actively uphold it.
Train your employees
Your employees matter in enduring security; when they are untrained, it tells on the business.
Employee training is generally neglected or barely recognized as an essential aspect of company development and success. When you train your employees, they understand the security program better and effectively implement them.
Get in on it.
Get writing. Ensure every employee correctly reads and digests the guide before signing. Newly onboarded staff should read and sign the guide as a commitment to upholding the set measures. You can set tests to ensure they are accustomed to the guide.
Set precise penalties and implement them
Security is a significant component of every business. Your employees must upload your security program and have specific consequences if otherwise. Create a clear set of policies that spell out the punishments for breaches in your company’s set security program. Make sure to enforce them. A security policy without an implementation can be the same as one with no policy.
Provide the needed tools
Make provisions for the facilities needed to implement the security measures you have put in place.
This will enable your employees to enforce security measures with ease.
Adopt already made security guide
SEON provides an easy and practical security guide to help your business improve its security standards with detailed information on workplace security.
The Importance of Creating an Effect Security Plan for Employees
Security is essential to every company. Every company needs to protect the company data, software, and assets.
Some reasons for creating effective security plans for employees include:
Good security improves the work efficiency of every company.
When a business ensures security, its productivity increases, and companies and customers benefit from secured work environments. Every company must create or adopt a security guide to avoid theft. This guide must have struck rules concerning data access and data privacy.
Decreased employee turnover rate
Most employees tend to stay longer in secure workplaces. Also, since efficiency thrives in secured workplaces, many work staff love to be productive and stick to secure work environments, to retain your employees, keep your company secured.
Better workplace standard
Safety matters to every individual and company. A good security policy can help improve your company’s standards. When your database is secured, it paints a picture of quality in the mind of your employee, partners, and clients.
Employees are happier with a proper security plan.
When a company’s and its workers’ important data are secured, the work setting is much healthier—improved communication with staff and guaranteed comfort.
The company’s employees are protected.
Employees are valuable to every business. Protecting the employee’s data and the workplace equates to keeping everyone safe.
Increased chances of retaining clients
Keeping the critical data of the company and its employees secure makes the work environment much healthier. Customers love to do business with security-conscious companies that keep their information private away from fraudsters. Your security level will determine your clients’ trust in you.
A security guide will lessen business costs and losses.
Secured companies have a slim chance of falling into a scam and losing finances. A company with proper security in place is less likely open to cyber attacks. When you have a practical security guide, your company will not lose its vital proposals or employees; reducing business costs greatly.
Security is important to your business, employees, customers, and business owner’s partners. To ensure your company grows and pulls more customers, create a safe work or business environment. You don’t need to be an expert security officer to create the perfect guide for your establishment.
You can now make your workplace safer and more secure. These easy and effective steps can help you create a security guide that works. Your workplace is better, your employees are happy, and your customers are satisfied.
Martins Favour is a creative content writer with over five years of experience writing SEO content for various brands. She finds a home in weaving worlds out of words. Stories are her life and LinkedIn is her favourite tool.