What Can You Do to Prevent Credit Card Fraud?
Online businesses face a number of challenges. They have to find ways to stand out in a crowded marketplace. Their customer service has to be top-notch, even though staff most likely never deal with shoppers face to face. And they have an obligation to protect themselves and their customers from credit card fraud.
Credit card fraud is a major risk for online businesses. Read on to learn some of the steps you can take to safeguard yourself from this problem.
Pay Attention to Purchases
Accepting credit cards is great for your business because it enables customers to pay the way they want. However, credit cards can also create opportunities for fraudsters.
Monitoring customers’ credit card purchases prevents fraud from taking place. Here’s an example: Claudia notices that one of her customers has placed a large order. That order contains a number of high ticket items. Claudia knows that such orders are often red flags that someone has stolen the customer’s credit card number. She calls the credit card company and asks someone to investigate.
Keep Your Site Safe
You can take measures to make your website safer for customers. One of these measures is to implement a secure sockets layer (SSL).
SSL (sometimes known as transport layer security, or TLS) is a protocol to secure and protect information transfers over a network. It relies upon encryption, which turns information into an unbreakable code, to keep those transfers private.
To use SSL, you need an SSL certificate for that domain. Your customers will be able to tell if you have an SSL certificate because there will be a green lock that will appear in the URL bar. The website address will also start with https:// as opposed to just http://.
Having an SSL certificate is a must for your e-commerce site if you’re not using a third-party payment processor such as PayPal. Also, if you require your customers to create a login or account to make purchases, you should get an SSL certificate. The advantage to an SSL certificate is that it makes customers feel more secure and it boosts your search engine rankings.
Capitalize on Credit Card Security Codes
Credit card issuers have also taken steps to prevent credit card fraud. However, those measures only work if the merchant takes the time to use them when processing transactions.
One of those security measures is a credit card security code (CSC). The CSC appears on the back of credit cards. It’s a string of three or four numbers. To make the transaction safer, you can ask that the customer enter the CSC, and the card issuer verifies the number during processing.
Power Pay Payment Processors: Keeping You and Your Customers Secure
Nothing stops the flow of business faster than fraud. Protect yourself and your customers from credit card fraud by using Power Pay. We use Authorize.Net’s technology. Authorize.Net is an industry leader in secure payment gateway services. Contact Power Pay today at 1-800-483-8815 to learn how we can help you.