How to Stop Credit Card Fraud in Its Tracks
Credit cards are an easy and convenient form of payment. However, this form of payment is also popular with fraudsters, because credit cards can be easy to steal. In 2014, 45% of credit card fraud took place online. As more and more people shop online, this type of credit card fraud is expected to rise dramatically. However, online business owners can take steps to prevent credit card fraud. Read on to learn what they can do to protect their customers from this risk.
Fraudsters rely on the inattentiveness of online vendors. A merchant’s website won’t suspect that a large, expensive order with different shipping and billing addresses should be a red flag. And if the mailing address for a customer doesn’t match the IP address the shopper is using, the system might not catch it.
Do your research on common tactics of online fraudsters. While you won’t be manually processing orders, you can program your website so that it will alert customer service representatives to contact customers who have entered different billing and shipping addresses. The website can also be programmed to block IP addresses of countries where you don’t ship.
Focus on Cyber Security
Making your website a safe place to shop should be your top priority. One of the things you can do is require a security code for all credit card purchases. The security code refers to the three digits on the back of the credit card. If the fraudster doesn’t have the credit card in hand, he or she can’t complete the purchase.
Another step you can take is to update your e-commerce platform software whenever new software becomes available. Software updates can fix critical vulnerabilities that allow hackers to infiltrate your site. While many e-commerce platforms have some level of built-in security, it will do you no good if the software is out of date.
The credit card industry developed its own security standards for transactions, known as PCI. PCI standards protect consumers by ensuring that merchants process, store and transmit credit card data in a secure manner.
Power Pay Payment Processors: Keeping Customer Credit Card Payments Safe
Are you an online business that wants to prevent fraud from striking its customers? Contact Power Pay Payment Processors today. Power Pay is Level 1 Service Provider compliant with the PCI Data Security Standard. When you choose Power Pay as your payment processing service, you’re selecting a company you can trust with your customers’ credit card information. Moreover, you can rest assured that you’ll be receiving excellent customer service, a fast setup, low rates and no hidden fees. You’ll be able to pass your savings along to your customers! Call Power Pay today at 1-800-483-8815 to learn more about our services.