Are you a small business owner looking to protect your business from fraudulent credit card transactions?

Running a modern business that includes online retail puts you at a significant level of risk because criminals are constantly looking for ways to trick the system, and ultimately enjoy a free lunch.

But MasterCard has just announced a useful solution. Its new Simplify Controls tool lets you keep tabs of all transactions and quickly adapt the level of risk you are willing to take on.

MasterCard gauges transactions based on a long list of criteria, including the credit card's country of origin, whether transactions to a customer are repeated on a regular basis, the size of each transaction and many more. The results produce a fraud score for each transaction.

You can choose the level of risk you want to allow for automatic transactions, and choose to accept or deny any transactions that don't meet your maximum fraud score specifications. You can also choose to have Simplify Controls automatically turn down any attempted transactions that don't fall within your comfort zone.

The best part is that this can be done directly on your smartphone or computer, so you can stay on top of your business no matter where you are. You can even adapt your risk acceptance settings on the go as well.

Simplify Controls will be offered to merchants that accept MasterCard by their merchant processors, though we have yet to find out which processors will pass on this service.

MasterCard's new product comes shortly after a survey by the global payments processor found that 86 percent of businesses with online operations are concerned about data security. An even higher number (89 percent) are concerned about maintaining their customers privacy.

However, only 33 percent of online-active businesses which took part in the survey reported having a good understanding of data security. 60 percent do not have fraud security tools in place.

With the Internet's fabulous opportunities to find new customers far outside your local circles, missing out on sales due to worries about fraud can cost your business dearly. Using a solid fraud prevention tool like this one offered by MasterCard can help give you peace of mind as you go about your business.

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Image source: MasterCard