Fraudsters are nothing if not inventive and persistent. They’re constantly hunting for new ways to take advantage of businesses, whether by posing as legitimate customers placing cash-on-delivery orders with counterfeit bills, setting up fake QR codes on social media, or using stolen credit card numbers to shop online. Sometimes, the danger doesn’t even come from outside. Employees can unintentionally open doors to fraud through phishing schemes or mishandled customer data.
These scenarios are all too common, and the costs can mean lost revenue, wasted time, reputational damage, and customer distrust. Fortunately, you don’t have to leave yourself exposed. With the right mix of technology, processes, and vigilance, you can minimize fraud risks without compromising customer experience.
Here are five smart ways to safeguard your business and how Maya Business tools can help you achieve this goal.
1. Choose Secure Payment Methods
The way you accept payments directly impacts your vulnerability to fraud. Accepting only cash, for instance, leaves you open to counterfeit bills, shortchanging, or theft. Digital payments, on the other hand, are trackable, verifiable, and much harder to involve in scams.
Consider delivery scams where customers try to hand over fake cash. With Maya Terminal, you can instead switch to “cashless on delivery” method, where payments are made by card, e-wallet, or QR Ph at the customer’s doorstep. No bills to count, no risk of counterfeit money, and no misplaced funds.
If you sell online, on the other hand, Maya Checkout is your ally. Card or wallet transactions go through a secure, encrypted channel, so every online payment processed is safe from fraud. Its authorize-and-capture feature also lets you confirm fund availability right away without charging customers until their order is shipped. You can even adjust the authorized amount if the order changes.
Meanwhile, if you rely on social media or web payments, the best online payment processing tool is Maya QR. While your Maya QR code is typically displayed in-store at the point of sale so your customers can scan to pay, you can also display it on your website or official social media pages, ensuring your customers always pay using your official QR code, eliminating the risk of them using fake QR codes.
2. Add Extra Layers of Authentication
Stolen credit card numbers are a favorite weapon of online fraudsters. They use these to make unauthorized purchases, and when the real cardholder disputes the charge, the business is left to absorb the loss.
The solution is to introduce more checkpoints before a payment gets approved. Maya Terminal, for example, is EMV-certified, which means chip-enabled cards generate unique transaction codes. This makes cloned cards virtually useless.
3. Limit and Protect Access to Sensitive Data
Fraud doesn’t always happen at the checkout counter. Sometimes, the real threat is poor data handling. When employee access is too broad or customer information is stored carelessly, sensitive details become easy prey for theft. Once stolen, that data can be used for identity theft and account takeovers, or it can even be resold for larger fraud schemes.
To counter this, restrict access so that only employees who absolutely need customer data can view it. Moreover, for more secure online payment processing, integrating Maya Checkout into your e-commerce website allows you to take advantage of robust security, full 3D Secure support, and PCI-DSS compliance. This ensures that transactions are processed securely and customer data is protected.
4. Train Employees and Guide Customers
No matter how advanced your systems are, fraudsters will always try to exploit the human element. For example, a cleverly worded phishing email can trick an employee into handing over credentials, or a pushy “customer” might try to convince staff to process a refund.
Education is the best defense in this case. Train employees to slow down and double-check anything that feels off, like rushed requests or unusual payment instructions. Simulations and regular refreshers keep security top of mind as well.
Just as important is guiding your customers. Remind them that you only accept payments through your official channels. If you use Maya Payment Links, for instance, let them know you’ll always send a unique link via chat or SMS. The same principle applies if you use Maya Invoice Payments. Remind them to open only the online and customized invoice you will send via email. That way, they’ll recognize authentic transactions and avoid falling for impostors.
5. Keep Your Security Measures Up to Date
Fraud evolves at breakneck speed. What was cutting-edge yesterday may be obsolete tomorrow. Once upon a time, skimming devices at ATMs were the main threat. Now, fraudsters deploy AI to create eerily convincing phishing emails or test thousands of stolen card numbers online.
That’s why staying current is critical. Regularly update your systems, review your processes, and use tools designed to evolve with the threat landscape. With Maya Business, you get secure payment solutions while also benefiting from features that are continuously upgraded to counter new risks. On top of that, Maya offers 24/7 fraud protection, giving you peace of mind that you’re never left unguarded.
Prevent Fraud, Protect Business Growth with the Help of Maya Business Solutions
Too often, business owners think of fraud prevention as an inconvenient cost. In reality, protecting yourself from fraud protects your growth. It minimizes disputes, saves you from costly chargebacks, and builds trust with your customers. And with Maya Business as your online payment processing service provider, you don’t just fight fraud; you turn security into a competitive advantage.
So don’t wait until fraudsters test your defenses. Sign up for Maya Business to ensure fraud prevention becomes part of your growth strategy.
Beyond getting tools that protect your business from fraud, setting up a Maya Business account also lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions.
