Fraud detection should be top of mind for every business, but particularly for those selling online. Start protecting your ecommerce business today with the following easy-to-implement fraud prevention tools and tips.
Use Extra Caution with Online Transactions
Customers love doing business online because it’s hard to beat the convenience. But for merchants, online sales present certain risks. When buyers pay online or over the phone, the physical credit card is not present for the transaction, hence the name card-not-present (CNP) transactions. CNP fraud is highly prevalent, costing merchants billions each year.
In the news we hear of security breaches from large retailers that credit card data is exposed and thus stolen. This data is then posted on the dark web to be sold to others that will try and use these credit card numbers for fraudulent purchases. Not all of the credit card numbers are still valid and usable. The fraudsters will go or call an unsuspecting business looking to purchase expensive items that can later be fenced and converted to cash.
Point of sale (POS) credit card processing solutions in Atlanta, GA