Payment fraud can happen because of fraudulent transactions, lost or stolen merchandise or false refund requests. But some of the fraud with credit cards comes in the form of illegal hacking. A carefully designed payment gateway can help curb the tide of illegal hacking.
One form of payment card fraud is phishing – or fishing – which is stealing information from a cardholder by pretending to be someone else. Another is identity theft, which can result in a fraudulent application for credit from someone who never intends to pay as agreed.
Illegal hacking or fraudent transactions can also happen through:
- Pagejacking, the rerouting of ecommerce transactions from a legitimate site to a fraudulent one
- Wire transfer scams, including advance fee scams impacting store owners
- Merchant identity fraud, the setting up of a merchant account for a fraudulent business
A merchant must do whatever is possible to prevent the theft of data and to ensure that customer transactions are secure. Using a robust, full-featured and security-conscious payment gateway is an essential part of that.
Your payment gateway should use SSL for encrypting information, be PCI-compliant to ensure compliance with governmental standards, use tokenization to replace sensitive details with coded strings and even use 3D Secure, an added security layer that provides additional protection against fraud related to credit and debit card transactions.
Other fraud protection tools you may need to consider include IP geolocation, email identity verification, reverse address lookup and more.
The UniPay gateway is designed in the age of illegal hacking with data security in mind from its inception. At every step of every transaction, the UniPay gateway aims to protect merchants and their customers.
When payment industry players work together, data security can be built into every level of every transaction. At United Thinkers, nothing is more important to us than protecting the data that goes through our gateway. May we help you protect yourself from illegal hacking?