Merchants and consumers alike are concerned about credit card fraud. For merchants, the cost of fraud can be great. Chargebacks cause loss of revenue, and a high rate of fraud can cost the merchant penalties and fees for credit card processing.
Credit Card Fraud Statistics
According to statistic brain, 40% of all financial fraud is related to credit cards. This amounts to a total of $5.5 billion in credit card fraud worldwide.
The same report breaks this down into five types of credit card fraud:
- 37% is counterfeit credit cards
- 23% is lost or stolen cards
- 10% is “no-card” fraud, such as giving information to a non-legit telemarketer
- 7% is cards stolen during mailing
- 4% is identity theft
In order to protect both your customers and your profits, fraud detection measures are essential. The risk of fraud on your merchant account must be managed aggressively.
Fraud Detection by CDKPay
We understand that protecting your account from fraud is a high priority. Our fraud detection program is broad in scope to offer you the best protection available. This system was developed by CDK Pay’s expert Risk Team and Technicians. We incorporate historical transaction data and intensive algorithmic theory to continually formulate data to identify and assimilate fraud prevention characteristics. Our constant monitoring of account activities helps our customers significantly reduce the risk of fraud.
Safeguard your business and your customers with a robust Fraud & Risk Management System.