Tag: online fraud prevention

How Merchants Can Reduce Credit Card Fraud

If you operate a retail or eCommerce business, accepting all major credit cards and electronic checks is a required method of customer payment. However, when you decide to accept electronic payments, business owners must also consider the potential cost of fraud.

Studies have shown both traditional and online merchants have lost billions in fraudulent transactions. Today, technology provides proven methods for identifying and preventing fraudulent transactions as there are so many best fraud detection firms.

Fraud can come in many forms. Needless to say, fraud is bad for business. If you process a fraudulent customer order by the time you find out the credit card was stolen you have already shipped the product. Fraudulent orders usually result in a customer credit card chargeback to your business.

Unfortunately, by that time, you have delivered and lost your product, you have lost the income from the sale and to top it all off; you will receive a chargeback fee from your credit card processor. I'm sure we can agree there is a strong need to identify and stop a fraudulent order before you deliver your product.

Fortunately for the merchant, there are many steps and processes that can be implemented to reduce and eliminate credit card fraud.

Fraud prevention is a necessary activity for traditional and online merchants

Online Fraud Protection and Prevention

With new con artists and fraudsters appearing online everyday, fraud protection has become the most debated topic in the internet history. Fraud over the internet has no boundaries and its anonymity has left many wondering how the e-businesses will progress in the future.

Why you might need Internet Fraud Prevention? Because internet fraud protection helps increase consumer confidence in online business. With the help of internet fraud protection you can check suspicious orders. Online credit card fraud protection gives protection for not only stolen credit cards, but also helps minimize the impact of fraud on your business.

Internet frauds against which you need online Fraud Protection includes:

* Fake and untrustworthy websites

* Asking for personal information via email

* Fake online auctions

* Lotteries

* Business opportunities giving away hefty amounts

* Insecure servers and international dialing

* Credit card fraud

Online fraud exists in various forms. The most common types of frauds include internet fraud and credit card fraud. Following easy steps can provide you internet fraud protection.

* Make sure that the URLs you type in your browser are correct. Do not trust emails that claim to be from a bank. If you are not sure about the authenticity of an email then call the support center or your bank for correct information.

* Never respond to emails that ask you for personal information intended for verification. Banks and legitimate companies will never send you emails for verifying personal information.

* Do not trust links in emails. They might be fraud and illegitimate. Directly type the URL of the company instead of using links from emails.