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Belgian Merchants Must Stay Vigilant Against Rising Online Payment Fraud

As online transactions become increasingly popular, Belgian merchants are facing growing pressure to secure their payment systems and protect customers’ personal data. With the implementation of strong customer authentication (SCA) requirements in the European Union, fraud prevention has become a top priority.

The Growing Threat of Online Payment Fraud

According to a recent report by Juniper Research, global merchant losses to online payment fraud are expected to reach $343 billion between 2023 and 2027. In Belgium, where online shopping is increasingly popular, merchants must stay vigilant to prevent falling victim to these types of scams.

Robust Fraud Prevention Tools

By implementing robust fraud prevention tools, such as:

• Card verification
• Tokenization
• EMV chip cards
• Fraud risk analytics

Belgian merchants can significantly reduce the risk of online payment fraud. These tools help verify the identity of customers, secure sensitive data, and detect suspicious transactions.

Emerging Technologies

In addition to these standard tools, emerging technologies like:

• Biometric indicators (facial recognition technology or fingerprint authentication)
• Secure remote commerce (SRC) (minimizes the need for customers to enter sensitive data during online checkout)
• Machine learning-based fraud detection

are also being adopted by forward-thinking merchants.

Open Banking

Open banking is another trend that’s gaining momentum in Belgium. This allows customers to network their accounts and data across institutions, making it easier for them to access credit and manage money seamlessly. However, open banking also introduces potential points of failure where thieves could steal customer data.

Best Practices for Fraud Prevention

To combat these risks, Belgian merchants must ensure they’re using a range of fraud prevention tools available to protect themselves and their customers. This includes:

• Enrolling in fraud alerts offered by financial partners
• Training employees to identify and report fraud
• Dividing accounting tasks between multiple employees
• Maintaining secure websites with software that detects security gaps and cyberattacks

Conclusion

The rapidly evolving payments landscape in Belgium requires merchants to stay ahead of the curve when it comes to online payment fraud prevention. By implementing robust tools and staying vigilant, Belgian merchants can protect their customers’ data and maintain trust in the digital economy.

Sources:

• Juniper Research, July 2022, “Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2022-2027.”
• Discover Global Network, June 2023, “Transforming Transactions: How the Fintech Landscape is Developing Across the Globe.”
• Cybersource, 2022, “Global fraud and payments report 2022.”