Ipaytotal is one of the leading online credit card processing merchants in the industry. In this Blog, we will discuss the Anti-Fraud Tactics Used By Credit Card Processing Merchants To Prevent Your Business From Online Fraud. As per the survey Of Nationwide, 63% of the small business owners have fallen victim to at least one type of cyber attack. Most of the consumers feel safe while using their credit and debit card for online purchases on e-commerce websites, they think they are secured even if their card information is stolen. But they don’t understand that many businesses process those payments every day and Some consumers assume that their credit card provider will take the loss in case any fraudulent purchase on a card is made by someone. Tragically, that isn’t always the case.
Merchant loses money when a stolen credit card makes a transaction through their system. At any rate, they’ve provided products or services without being paid for them. In many cases, banks are driving merchants to endure the burden of the charges, notwithstanding when they’ve taken after their merchant agreements to the letter.
It will be useful to first understand the common tactics fraudsters use then we will discuss what you can do to limit your risk? Most of the time online fraudsters use two techniques to steal money:
Account Takeover – You presumably provide clients with accounts that store their personal details like their purchase history and financial information also. These accounts can be hacked by fraudsters through phishing schemes. One of the most common tricks that fraudsters use is that they send emails to trick customers into revealing usernames and passwords. The fraudsters at that point sign into your customer’ accounts, change the passwords and make unauthorized purchases.
Identity Theft: Although most organizations play it safe to secure customer information, fraudsters still figure out how to hack into databases and take personal information usernames, credit card numbers, and passwords.
These details are often sold by hackers to other fraudsters and then they open an account with online retailers to utilize the stolen details to pay for purchases. This sort of fraud is quite hard to identify in light of the fact that most people don’t check their financial records completely — and on the grounds that victims normally have no clue that somebody opened an online account on his or her names.
As per the recent study of the popular fraud prevention tactics in a pool of 166 e-commerce merchants performed by the Federal Reserve Bank of Minneapolis. Most of the findings were generally encouraging:
In Survey, the Federal Reserve Bank of Minneapolis find out the most common fraud mitigation tactics are predictable like
These are generally great practices, yet merchants are discovering they have to accomplish more, which is both encouraging and debilitating.
Based on the Survey of Federal Reserve Bank of Minneapolis, several online credit card processing merchants are venturing up their fraud mitigation efforts.
Multi-merchant velocity checks, geolocation, and 3D secure technology were among the top three responses that most of the merchants were likely to add over the next six months to a year.
To safeguard your customers from the ever-growing credit card and data breaches around the globe, Give us a call at +44 800 776 5988 or get in touch with us through our website. iPayTotal’s Advanced Detection & Mitigation Techniques for credit card fraud protection are a safeguard for your customer and We provide advanced techniques to protect your business against credit card security threats.