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Avoid Credit Card Fraud
Posted on February 19, 2019February 19, 2019 by admin

10 Ways to Avoid Credit Card Fraud

Credit card fraud is a sharp practice that cannot be completely eliminated, but it must be managed. While there are a host of security measures for today’s consumer to follow to avoid credit card fraud, merchants also need to ensure the safety of customers’ data against the activities of hackers, identity thieves, and even costly chargebacks.

Avoid Credit Card Fraud

Here are 10 savvy measures online merchants can apply to manage today’s payment processing needs and avoid credit card fraud:

Adhere to the Best Practices

One of the best ways to prevent credit card fraud is to stick to the best merchant business practices. Follow the regulations as recommended by your payment processor – do not accept an expired or counterfeit card, only make payment processing once, and only grand cancellations and credit when a customer asks.

Comply With PCI DSS Standards

Ensure your payment processing system is adheres to PCI DSS standards. This is especially important in today’s vulnerable financial system as it offers better protection of consumers’ information and security for your business.

Carefully Examine Online Transactions

For online transactions processed through a payment processor, in which you cannot physically examine the card, you can still take steps to ensure the card is not stolen or fraudulent. Be wary of purchasers who create multiple orders on a single card but ship to several unique addresses, as this might be fraudulent. In addition, you must be ware different credit card numbers are entered from a specific IP address.

Request Credit Verification Value Information (CVV)

Also known as card verification code or card verification value code, CVV is a security feature that helps to protect a payment process from hackers who make use of credit card numbers generated from security breaches and fraudulent activities. By collecting the CVV information (a three-or-four-digit code in front or behind the card), merchants can verify if the purchaser actually has the credit card in hand.

Validate Orders

If you are suspicious of the activity surrounding an order, you can call the client or send a letter to the client’s billing address with questions only they can answer. It is important that you do not reach out to the shipping address given as a fraudster may be behind the scheme.

Monitor the Processing of Digital Goods

Digital services are usually vulnerable to fraud, and an online merchant may be penalized with a chargeback. Consider using electronic signatures to validate a customer’s agreement to specific terms concerning the purchasing item. You may even use the text messaging system, sending your clients confirmation code to be sure their account information is correct.

Attend to Requests Promptly

If a customer is dissatisfied with your service and requests a refund or cancellation, ensure you grant the request whenever possible. Responsive customer support service builds your reputation as it assures potential clients that you will handle their experience professionally instead of having to file for a chargeback with their financial institution.

Address Verification Service (AVS)

AVS is an automated credit card processing program which allows merchants include the billing address of a cardholder and their ZIP code in the authorization request. This added security layer minimizes the risks retailers face in card-not-present sales, ensuring that the individual making a purchase is same person that receives the card’s monthly billing statement.

Use a Blacklist

It would be wise to work with your chip card to create a blacklist. This no-sell list can help prevent fraudulent persons from taking advantage of a merchant’s business.

Produce a Whitelist

As well as taking note of fraudulent criminals, do well to support the loyal customers who do not engage in fraud. Create a whitelist featuring clients known for fraud-free purchases.

About The Author

Mark Sands

Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high risk merchant services space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.

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High Risk Merchant Account LLC

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Casey Scott
Casey Scott
17:03 30 Oct 18
Mark Sands helped me out tremendously. I would recommend him 100%. Saved my business!
Richard Williams
Richard Williams
14:30 28 Oct 18
I had an excellent experience with Mark at HRMA LLC; Mark's persistence and patience meant a lot to me; and happy to say, our company has a new merchant processing account and we're underway again! : )
Jay Larke
Jay Larke
13:48 29 Sep 18
We enjoyed working with Angela at HRMA-LLC! Our staff appreciated the personalized touch and tremendous help while working with them. We would recommend anyone with high risk merchant account needs reach out to Angela and the staff at HRMA-LLC.
Chris Fernandez
Chris Fernandez
23:33 02 Apr 18
Great overall experience with HRMA-LLC. Staff was extremely knowledgable through every step of the process. I would highly recommend them to anyone requiring merchant account services for their business. Thanks for all your help Tom!
James Collins
James Collins
09:47 11 Mar 15
High Risk Merchant Account LLC provides easy merchant account approval for high risk business.
Damon George
Damon George
20:34 27 Aug 14
I have contacted with them online and I have got quick response. Overall had a great experience.
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