The more tech-reliant we are, the more vital virtual security becomes. We need experts like Funraise CTO and Co-founder, Jason Swenski, to keep us informed and in front of digital threats.
In a sit-down conversation, Jason and Funraise CEO and Co-founder, Justin Wheeler, talk security and how being vigilant can result in unexpected benefits.
Some security stats you should keep in your back pocket:
- $26 Billion was lost worldwide in 2018 due to payment card fraud
- Online fraud is 81% more common than POS fraud
- Payment card fraud increased by 18.4% in 2018... and it's still growing
- Credit card fraud is the #1 type of identity theft fraud
And why nonprofits are particularly at risk for fraud:
Fraudsters verify stolen credit cards on nonprofit sites, which often have minimal payment barriers to encourage conversion. Because no goods are exchanged during an online donation and amounts are low, donation transactions make verifying stolen cards easier than purchases of goods.
Now, with those stats in mind, and knowing that nonprofits are the perfect testing grounds for payment card thieves, ensuring you've got the latest web security seems pretty urgent.
Good news! While you can't rely on your software alone, Funraise can help your nonprofit frustrate fraudsters.
Funraise's fraud approaches:
- Gateway-Level Fraud
- Minimum Amounts
- Human Monitoring
- Rules-Based Filtering
- Behavior/Puzzle CAPTCHA
What other benefits does broad website security bring to the table?
Today, most donors have been the victim of a breach—it's part of the collective experience for current generations. But because we've all been there, most donors are wary when making online payments; we trust technology we recognize.
And you know (you KNOW!) how it goes when those fraudsters push through a thousand $1 donations: penalties and fines and chargebacks. You end up paying for the fraudsters to do their testing. :/ Not to mention all the time you spend fixing everything. Big ol' security = little bitty resources expended.
It's pretty clear—taking security seriously is a great way to secure relationships and save money!
Stats from these sources:
“2020 Fraud Management Trends.” Javelin, 3 Dec. 2019, www.javelinstrategy.com/coverage-area/2020-fraud-management-trends.
“Credit Card Fraud Statistics.” Shift Credit Card Processing, 15 Apr. 2020, shiftprocessing.com/credit-card-fraud-statistics/.