In today’s dynamic business scene, having sufficient knowledge about your customers is crucial if you wish to stay ahead of the competition. Information regarding your shoppers’ needs, trends and preferences will empower you to keep them satisfied at all times, through high-quality products, convenient business hours and proper customer service.

That said, promoting sales isn’t the only motivation behind acquiring customer information. Knowing your buyers well also helps to uphold the security of your business by minimizing the risk of fraud. Opportunistic fraudsters often hide under the guise of legitimate shoppers to order goods or services with stolen or computer-generated credit card information. Without a proper understanding of your customers, there’s little you can do to identify fraudulent activity in time nor prevent it.

As a secure business, it is essential that you consider the questions below, to better understand your customers.

Who They Are

If you sell to individuals, find out their names, gender, age, occupations, addresses and any other basic information that may prove useful in promoting secure transactions. If you sell to businesses, find out all there is to know about them, so that you’re not caught off-guard if their legitimacy is disproven. Using security tools like netverify will help you verify the identity of your customers every time they make an order by quickly matching their IDs, biometric features or credit cards to the records in your database.

What They Buy

Knowing what your customers buy on a regular basis not only helps you to match their needs to what your business offers but can also go a long way toward enhancing security. In addition to knowing who your customers are, therefore, take note of the items they usually buy. That way, if your database is compromised and a shopper’s information is stolen, any orders made using the same credit card that are not what the customer normally buys would trigger a red flag.

When They Buy

Some customers may shop sporadically, but most tend to adhere to a schedule, depending on their daily occupations and their free time. If an individual usually visits your store in the evenings, for instance, an order made during the day could indicate criminal activity, even if the purchase is the same item that a customer usually buys.

How They Buy

Any business operating in today’s competitive world must keep the customer first. This means giving them the freedom to choose whatever means of payment that is convenient for them, be it cash, credit and debit cards or checks. Every mode of payment has its loopholes, which must be sealed individually to ensure secure transactions all around. For example, if a customer frequently buys via credit card, knowing their basic information, their card-issuing bank and their credit history will help you in enforcing security.

Besides the mode of payment, other subtle shopping behaviors, such as requests for free shipping or bundling items in one package, may also prove useful in dealing with fraud.

The Feedback They Give

Customers rarely go quiet after a sale. More often than not, they will reach out to express their gratitude or lack thereof. On the contrary, fraudsters will want to break ties with you as quickly as possible, which means they won’t wait around for after-sale communication.

Buyers not giving feedback may not be a reliable indication of fraud, but if you’re used to interacting with a customer a certain way after completing the package, a change of that interaction could be cause for alarm.

Conclusion

In a world where fraudsters are getting more and more dubious every day, keeping transactions secure is as much a priority among business owners as growth and profit. Thankfully, you can strike the two balls with one bat by knowing as much as you can about your customers.

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