Cybersecurity, online privacy and fraud prevention are constant concerns not only for companies but also for individual consumers.It is important to have well-executed fraud prevention and detection measures. However, knowing where to start can be overwhelming.
According to the 2013 Norton Report, despite the number of online adults who have experienced cybercrime has decreased, the average cost per victim has risen. The global price tag of consumer cybercrime is $113 Billion annually, cost per cybercrime victim up 50%. It knows no boundaries.
How can we protect ourselves?
Here are some effective tips and techniques to help prevent fraud:
- Check authorizations. Make sure it is current. Obtain a new authorization if the original expires prior to shipment.
- Have address verification systems (AVS) in place.
- Make card verification codes a requirement (CVV/CVC). It is used to verify if the card is valid.
- Review and manually inspect large orders. Check the order for inconsistent information. Watch out for mismatched details in different fields or misspellings on cities or states.
- Have internal security procedures in place and make sure to follow through. Keep theencryption and firewall technologies up to date and current.
- Highlight warning buttons or images. Incorporate fraud warnings on your site to help discourage fraudulent activity.
- Keep customer records. Encourage customer registration in order to obtain information that can be used in the future to validate a buyer’s identity. Create a databaseof information such as names, addresses, IP addresses and phone numbers.
- Cross examine. For large orders, for instance,call and verify the order with the customer.
- Harness technology. Acquire and implement GEO-IP tracing software that verifies the address of the buyer’s computer, combine this with other devices for added protection.
- Look for inconsistencies such as shipping and billing information.
As the internet grows, so does CDKPay. We continue to optimize our Fraud Metrics to ensure the safety of both our merchants and end users. We strive to maintain the best certifications and up to date protection measures. Long term reliability is a must in the Online World.
If you would like more information on our risk management tools, call us.