Ecommerce is a contemporary and an exciting way of conducting with business. Online stores now have the entire world as their market. Consumers have credit cards handy to makeshopping hassle free. People can acquire almost everything online then have it delivered instantly. While the internet has given way to expanded business opportunities, it also provides a possibility for thieves to intercept and use sensitive information to process fraudulent transactions. According to Statistic Brain, credit card fraud is an ever-present threat to doing business. This amounts to a sizable total of $5.5 billion in credit card fraud worldwide. Merchants need to be vigilant to not become the victim of credit card fraud. These are the five types of credit card fraud that you need to be on the look out for:
- Counterfeit credit cards
- Lost or stolen cards
- “No-card” fraud
- Cards stolen during mailing
- Identity theft
Sensitive personal information can be compromisedor at worst, stolen. However, web-based merchants can step up by protecting both customers and profits through a well-definedrisk management procedure and methodical implementation.
- Prioritize fraud detection and prevention.
We can help reduce fraud risk byreviewing transactions to prevent fraudulent purchases. Our experts have developed a solution that uses historical data and state of art technology to identify and prevent threatsfor better-informed decision-making.
- Identify opportunities to minimize fraud related chargebacks.
Find the right balance between identifying business opportunities and reducing online payment risks. We can help reduce chargebacks by specifying clear and proper authorization and processing procedures. Through best practices, chargeback fees can ultimately be minimized.
- Automate process and accumulate data.
We provide a system that examines risk factors and can helpidentify patterns based on dollar values, buying habits and transaction velocity. This information creates a database that would help identify potential fraud risk. In conclusion. CDKPay encourages and understands the importance of risk management. Solid risk management plan would yield the following benefits:
- Keep your merchant account in good standing to lower rates
- Reliable and credible service by protecting your customers.
- Increase your profits.
Get in touch today. Learn more about how we can equip yourbusiness and help you manage your merchant account.