Because of the increased amount of online transactions and the lack of robust cybersecurity safeguards, fraudsters have more room to operate. They not only raise the payment frauds but also create distrust between the business and end-users.
Thus, it should be required to know how you ensure the protection of your business transactions and enhance the services you offer to your customers.
Index….
- How fraud is growing in the digital payment space
- Enhancing Payment Frauds in Pharma Sector
- Online shopping & digital payment: Primary cause of rising transaction fraud
- Solution To Protect Transactions In Pharma Business With Rising Payment Frauds
- Why should you choose SWIL Pharma Software to protect your business from payment fraud?
- Conclusion
How fraud is growing in the digital payment space
With the adoption of technology, there has been a significant rise in digital payments in India. Thus, the concern is also rising. India’s data security council and PayPal have conducted a joint study that shows the sophisticated online payment frauds and threats in the payment ecosystem.
An e-commerce transaction process entails multiple entities at different levels. Apart from business owners and consumers, it consists of the marketplace, merchants, payment gateways, and financial institutes. Thus, it is required to protect every area of attack point, especially the buyer side, merchant side, and cyber-security.
Fraudulent claims, chargebacks, false buyer accounts, and promotion/coupon abuse are all examples of buyer side fraud.
The merchant side frauds includes selling counterfeit and non-fulfillment.
The cyber-security frauds include account takeovers, identity theft, card detail theft and triangulation fraud, etc.
The government has taken steps to combat risks and frauds in the digital payments sector. But it is also the responsibility of a business owner to equip its business with a payment system that has proper authentication for billing and transactions.
Enhancing Payment Frauds in Pharma Sector
Pharmaceutical companies are among the most profitable and widely used businesses globally. It has precision medicine safety bodies, prescribed market competition, and everything is decided based on market requirements. However, while pharma companies have established sophisticated compliance operations to satisfy their duties, fraud can still occur in less visible places, such as in transactions.
So if a pharma business does not have a management software system, they lack understanding of customers, employees, vendors, and partners, and they can quickly become victims of any fraud.
Given the size of health care budgets worldwide, the pharmaceutical sector is an obvious target for corruption. In 2010, the World Health Organization warned that corruption was the leading explanation for inefficiencies in the global health system.
Since then, companies in this sector have associated themselves with the subject of anti-corruption investigations.
Online shopping & digital payment: Primary cause of rising transaction fraud
For the past few years, some percentage of the total customers have been attracted to online shopping and digital/online payment systems. This is because they are short of time and prefer to bring them home rather than grocery/drug shopping from a brick-and-mortar store.
But with COVID-19 hitting in 2020, online ordering and payment systems that have become necessary are now an opportunity. People are afraid to step out of the house and want to be safe by using the contactless facility.
Since pharma is now a valuable part of our society, its purchase is also necessary and is considered more accessible and safer than online payment systems or digital transactions.
However, with this utility came the birth of deception and allowed the fraudster to take advantage of it in the wrong way.
Solution To Protect Transactions In Pharma Business With Rising Payment Frauds
Technology is now a part of almost every business area. All essential Pharma activities like drug shopping, delivery, bill payments, etc., have shifted to the digital space. Due to this, the economy of any country and the pharma industry has shifted from cash to digital transactions. This is leaving the country vulnerable to cyber attacks.
Banks have turned to integrate digital platforms to support digital payments to make transactions more flexible for clients, adding to the rise in cyber fraud in the banking sector.
Here, we’ll go through certain safeguards to keep you safe during the transaction.
First, protect your bank accounts.
If your customers are using their bank debit and credit cards for drug purchases, you both need to be more careful with transactions. If hackers get their hands on a bank account, they will definitely have access to the money.
Thus, every pharma owner and customer should look into the bank’s security systems for online banking. It would be best if you were sure things like automatic logout.
You must establish and adhere to a well-managed reimbursement strategy for employee expenses. If you’re going to provide staff credit cards, be sure the card company has enough fraud controls in place, such as automated warnings if an employee spends more than a specific amount.
Handle bills electronically to ensure that as few paper bills as possible are sitting around the workplace. The more documentation there is, the more probable that a bill including banking information would be misplaced.
Second, safeguard your computer systems.
Hackers are experts at cracking computer systems. Your computer may lead to being a part of transaction fraud. You need to use a firewall that can help protect your company’s data. Also, it would help if you use antivirus software; it can help detect breaches.
Setting up strict protocols to create passwords is also works. You need to instruct your pharma employees to change their passwords every 60–90 days and set password requirements to help them generate strong passwords.
Also, it would be best if you consider backing up your files daily or weekly. If something goes wrong with your PC, you’ll be able to recover the files you need quickly.
Third, You need to secure your business entry.
A secure entry system can keep out unwanted visitors from your pharma place. Some key-card systems, biometric systems, code systems you need to install to take records of an employee’s entries and exits from your offices.
In addition, you need to limit access to specific areas to certain people. Limiting access to sensitive areas keeps you and your business safer from any money and data loss.
Two-factor authentication is an enhanced security mechanism that you may use for all logins. It adds an extra layer of security to the regular username and password security. It’s necessary because today’s crooks are intelligent and tech-savvy, and if they find a breach in your security shield, they’ll take advantage of it.
Fourth, avoid storing of Store Credit Card Numbers and other details.
It would be best if you never took this seriously again. This will have more significant security concerns for you, which may compromise your security and lead to data theft.
You’re taking a big risk by keeping credit information, even if it’s encrypted. It may cost you a lot of money. If you don’t believe this can happen to you, you’re mistaken. This has happened to some of the world’s largest corporations.
Always utilize a third-party service and follow the guidelines at all times. Contact the SWIL staff if you have any questions or issues.
Fifth, you need to choose a Secure eCommerce Platform.
If you haven’t integrated your pharma business with a robust software solution, you are making a mistake in today’s competitive environment. You must ensure the reliability, reliability, and security of the software you use.
If you’re unsure which one to choose, your developer will help you decide. Make sure it is secure and can integrate with your payment processor seamlessly and efficiently.
Sixth, you don’t need to store Customer Payment Data.
Payment data should never be stored if you want to protect your pharma business from payment fraud. Getting hold of the data is tempting, but it’s not worth the risk.
Seventh, ensure Your Hosting Provider Has Safeguards in Place.
If you are availing of hosting or running your own server, you need to make sure that you are secure. Having a good, high-quality firewall is a must, which gives you various protections such as virus protection, injection attack protection, and other security chains.
These are not minor or minor issues, and they are essential if you want to remain in your pharma business.
Eighth, You need to protect your online environment.
If you are using software that is integrated with B2B/B2C or other applications, you must protect your cyber environment just as you would your physical location. This should not be done over an unprotected internet connection.
Encrypt essential data and ensure your computer’s malware protection is up to date. Make your passwords difficult and change them frequently.
Ninth, you need to partner with your bank to prevent unauthorized transactions.
This is one of the essential tasks you need to do to save your pharma business from fraud. You should inquire about program that protect you from fraudulent transactions with your bank. They offer callbacks, device authentication, multi-person approval processes, batch limits, and more.
Tenth, Pay attention to suspicious activity and react quickly.
You will also take other significant action for your pharma to keep monitoring your unexplained account or network activity, pop-ups, and suspicious emails. If detected, immediately contact the concerned person and act immediately. You should stop all online activity and remove any systems that may have been compromised.
Eleventh, you need to integrate pharma software with a secure payment processing facility.
Receiving payments securely is one of the challenges faced by the Pharma owners and their consumers. The right software solution with a secured payment processing feature gives intelligent, easy-to-use solutions for your patients that empower them to make payments.
Why should you choose SWIL Pharma Software to protect your business from payment fraud?
SWIL Pharma Software has combined excellent service and support standards with a reliable and secure payment processing solution. The billing system is tailored to the unique issues and requirements of pharmacies. As a result, your pharma company can become your all-in-one payment source.
SWIL Pharma billing software may answer your need to collect even more payments and attract clients by combining the best modern technologies for payment processing.
Conclusion
If you would like assistance in preventing payment fraud in the pharma business, don’t hesitate to get in touch with the SWIL team. The team will be happy to assist you.
