World of payment is advancing technologically, it has increased possibilities for cardholders and merchants to connect globally. Card holders can make payments while using mobile devices, and enjoy multiple payment methods at a time. Technological advancement has made easy to detect and protect data with the help of tools and strict policies.
Online frauds have cost billions of dollars to companies, cutting their earning dramatically. Online and offline frauds are increasing rapidly, with each retailers losing at least $3 for every fraud they incur in the year 2014. This was $2.79 in 2013, especially mobile frauds which are driving these costs higher each year.
How Ecommerce Mitigate Fraud?
It is a challenging task to entirely eliminate frauds, but necessary steps can be taken to ensure network is secure. Security protocols, antiviruses, and firewalls can help protect against hacking attempts.Updating software problems ensure sensitive data of business is safe. There are many ways to protect business, here are some of them:
- Increase awareness of fraud trends
- Partner with payment processors who are verified
- Using encrypt transactions for confidential information
- Ensure Login and tokens are changed on regular basis
- Policies for accessing confidential data
- Security checks using antivirus programs
- Customers to log into accounts before making purchase
Payment frauds can not only hurt merchants but customers as well. Aggressively protection against frauds can improve bottom line and the reputation.
How to prevent friendly Frauds
- Saving IP Address: If you keep record of IP addresses, it will help a lot. It is usually on merchant receipt, and can be used to challenge chargebacks as supporting evidence. For example, a person belongs to certain town, and the IP address also belongs to same town, then suspicion can be back on card owner.
- CVC Data Collect: You can request security code during the checking process. These are three digits at the back of MasterCard, Visa, and four digits on American express cards.
- Signature for the goods: If you don’t know the customer, then it is better not to leave deliveries at the door of your customer. A signature is important, it can help prevent claims that state goods not arrived.
- Keep communication records:keep records of communication because these can be used as an evidence. Live chat sessions, emails and other communication material should kept as personal record to fight against chargebacks. You can claim that customer was aware of transaction and participated.
It is a Bluff: You may face a situation where a customer demand refund stating that card was compromised. If you have doubts about validity of this claim then be polite, but make sure to mention they should contact the bank immediately because their card have to be deactivated. Ask that to send you a message once it has been done, and provide you evidence before refunding. If you have evidence such as IP address and communication, make sure to point it out.
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