Online Payment Fraud Prevention
Preventing fraud online includes using strategic moves on the company’s part. For instance, a company should never try to authorize a credit card purchase if the initial transaction was unauthorized. It is a good rule of thumb that in preventing fraud online, to never authorize any credit card that was initially declined. This will prevent any problems from arising with your merchant company, and will help detect cases of online payment fraud.
Since credit cards online fraud is so important to the company’s overall success, there is one rule that should always be adhered to. This rule involves the cardholder’s signature. There should always be a valid signature for every credit card transaction. In fact, without that signature, it is very possible that a chargeback could occur on the basis of no valid signature. If someone is in fact completing credit cards online fraud, it is likely that they will not want to sign the order.
Another important step that companies can take to ensure that they are reducing the risk of credit cards online fraud is to double check every order carefully. If the order is fraudulent and there has been an instance of credit cards online fraud, it will be very likely that a double check of the order will reveal discrepancies.
Online payment fraud is also likely if you notice that a customer’s order contains vastly different information then the information provided with the credit card. If someone is completing online payment fraud, they will typically send the products that they are purchasing to a different address then the one assigned to the credit card. This isn’t always the case, but it is a possibility.
Find out More about VirtualTrak and Online Payment Fraud Prevention.