How Transaction Monitoring Can Help Prevent Food and Beverage Fraud | Modern Restaurant Management | The Business of Eating & Restaurant Management News

As cash intensive businesses (CIB), food and beverage businesses have historically been sites of fraud. Yet, as such businesses move their sales, ordering, operations, and bookings online, the rates of fraud have only increased.

Looking at online food delivery overall, the sector is projected to reach revenues of $343.80 billion in 2022, per figures published on Eatance. That is good news for the sector. But the fraud this attracts isn’t. More and more, fraudsters are hiding behind the anonymity and impersonality of card-no-present (CNP) payments. But there are ways to combat that, and they include transaction monitoring.

A process first required for financial services, it has expanded outside that sector to help those running food and beverage businesses of any scale.

What Is Transaction Monitoring?Put simply, transaction monitoring is exactly what it sounds like: the process of a company keeping a keen eye on its sales. Not with the intention of tracking whether profits are…

Gergo Varga

Gergo Varga has been fighting online fraud since 2009 at various companies – even co-founding his own anti-fraud startup. He's the author of the Fraud Prevention Guide for Dummies – SEON Special edition. He currently works as the Senior Content Manager / Evangelist at SEON, using his industry knowledge to keep marketing sharp, communicating between the different departments to understand what's happening on the frontlines of fraud detection.

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Gergo Varga