Credit card fraud protection must be a top concern of any business. While fraudsters often make a full-time job of finding opportunities to take advantage of you and your customers, you have other business to deal with. That’s why it’s essential that you have fraud detection software and other machine-driven methods of fraud protection in place. When combined with a little human interaction, you can close most vulnerabilities.
Dealing with card-not-present fraud prevention is a bit more difficult that learning how to prevent credit card fraud from in-person transactions, but it’s still possible to take smart actions. Plus, you must do what you can because you’re not the only victim of credit card fraud. Your customers are victims too, and PCI DSS certification helps ensure that their privacy is protected.
While credit card fraud loss could amount to more than $180 billion by 2020, according to some statistics, there are things you can do to protect your business from credit card fraud. They include:
Making sure your customers are legitimate.Device fingerprinting, including IP address verification and transactions linking, can help with this by matching cards to humans. When customers are standing in front of you, it’s easier to make sales decisions than when the customer is online. When dealing with card-not-present purchases, fraud detection software and identity checking are key to credit card fraud prevention.
Looking out for suspicious orders. It’s great to see a large order come in, but an order larger than usual should also make you suspicious. When a transaction seems too good to be true, it might be. Investigating and verifying suspicious purchases by hand can save you a lot of hassles in the long run. Shopping behavior that is outside the ordinary calls for human intervention. This could also include multiple small orders from the same customer in a short period.
Matching up addresses. Large businesses aren’t likely to request that you ship their order to a residential address. And the shipping address should match the billing address in most cases. If an address doesn’t look right and doesn’t stand up to verification, do a bit of investigating. Some credit card fraud prevention comes down to spotting things that look fishy and doing a bit of hand work.
Making direct contact. There’s nothing wrong with calling or emailing a customer to verify an order. You can call it a “random verification” or a “consumer protection initiative” if you like. While a customer may initially be ungrateful for the hassle, you’re doing them a favor by practicing a bit of card-not-present fraud prevention.
Complying with the highest security standards. PCI DSS certification is the highest level of security you can have in place on your end. This requirement protects consumer data from being stolen and potentially being used for fraudulent transactions. Protecting data is credit card fraud protection for the future and means that data can’t be used fraudulently for transactions in the future – with your company or another.
Credit card fraud protection involves machines as well as people. If you’re studying how to prevent credit card fraud and are ready to put the best protections in place, you’re ready for the UniPay payment platform.
Contact us now to learn how we can help with card-present and card-not-present fraud prevention. We’re here for you when you’re ready to talk.