Top 5 Ways to Protect e-Wallets from Frauds

These 5 ways can safeguard your e-wallets

With the pandemic's hit in 2020, people have shifted to digital modes of interactions and making transactions using e-wallets. This has surged e-fraud cases to spike. The reports say that on average 650 fraud attacks take place each month since 2020. So, to better safeguard your e-wallets, here are the top 5 ways to protect your e-wallets from frauds.

1 Spot Suspicious Behaviour

Keep an eye on the purchasing amount too. If someone is placing an unusual order then it is important to check for fraud patterns as well in order to stay alert. The other way of identifying frauds is through taking note if a consumer is using different payment methods for orders sent to the same address several times.

2 Check Website

Most of the buyers are now used to online shopping and store payment information. And so, it is vital to create safe HTTPS sites. This can save your users from hackers thereby protecting the user information.

3 Seek Help of Decisioning Engines

Inaccurate fraud detection systems approve bad transactions. This can result in losing customers as well as huge amounts of money too. Thereby results in the decline of customer trust. So, investing in a system that checks relevant purchase details can be helpful in protecting from fraud.

4 Use Authentication

It becomes easier to make the right decision when we have more data. A trusted platform uses decisioning engines along with supervised and unsupervised machine learning. This can reduce fraud to a great extent.

5 Dedicate Workstation

The other best way to reduce fraud is by dedicating a workstation to business banking activities and restricting access to specific computers. This can be of great help but also ensure to secure a backup system for that particular computer.