[BreachExchange] How Blockchain Can Lower Holiday Theft Losses For Your Business

[Audrey McNeil]

https://due.com/blog/blockchain-can-lower-holiday-theft-losses-business/

There are many things about the holiday season that make it a magical time
of year. Pretty lights and decorations as well as the general holiday
spirit in the air all contribute to the wonder of the season.

But as people hustle and bustle about making holiday purchases theft is
also a concern. Shoppers may be carrying extra cash or credit cards to buy
gifts making them easy prey for criminals.

Business owners must be wary as well. Thieves might target them during the
holidays as well. Inexperienced help hurrying to complete transactions,
long shopping lines, and more noise are just a few distractions that can
play into increases in theft.

Could that be changed? Is it possible blockchain can lower holiday theft
losses for your business?

What is Blockchain

Blockchain uses cryptography, or computer codes, in a digital record that
is secured because of decentralization. In layman’s terms, using blockchain
to buy stuff is secure because purchases are made over multiple computers
rather than only one.

Why it is Secure

In order to understand how blockchain can lower holiday theft losses for
your business you need to know why using it is secure.

Let’s use a credit card purchase as an example. First, a shopper presents a
credit card to make a purchase. You, the retailer, run the credit card
through a credit card terminal.

At this point, information flows from your business to your bank, then to
the credit card agency, and on to the shopper’s bank and then reverses back
to your business completing the transaction. This is all done through a
computer or server at each location.

If your business is all conducted online rather than in a brick and mortar
shop, everything is done on computers which makes it just as vulnerable to
theft.

Unfortunately, along the way, computers can be hacked and the customer’s
information stolen. Or, your business could be targeted and your business
bank account could be compromised. Any of these scenarios cost you money in
theft losses.

On the other hand, as I mentioned before, blockchain transactions are
decentralized. This means they are not conducted on one computer at each
location but in bits and pieces on multiple computers.

The use of multiple computers makes information nearly impossible to be
stolen or misused. Obviously it is safer than using cash as well because
thieves can steal that form of payment easier even than a credit card.

How it Can Lower Holiday Theft Losses

It makes sense to use blockchain to lower holiday theft losses for your
business. Doing so can prevent losses from theft in multiple ways.

Cash can be stolen from a shopper or your business simply by a thief
pocketing it. Credit cards, debit cards, and gift cards can be taken the
same way. In addition, checks, cash, and credit card transactions can be
forged. Plastic cards can also be hacked.

How do you buy merchandise for your business? If you use a company credit
card, it could be just as likely to be stolen or misused as that of a
potential customer.

Secure transactions using blockchain can lower holiday theft losses for
your business, as you can see. Therefore, as blockchain becomes available
in the future, you should consider adopting it in your business too.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.riskbasedsecurity.com/pipermail/breachexchange/attachments/20171110/8b829e96/attachment.html>