Online credit fraud is on the rise, and merchants must ensure they are providing the most secure payment platform for their customers. Consider the following tips for preventing fraud in card-not-present transactions.
2. Online Credit Card Fraud Is On The Rise
Online credit fraud is on the rise, and merchants must ensure
they are providing the most secure payment platform for their
customers. Consider the following tips for preventing fraud in
card-not-present transactions.
3. Require the Card Security Code
• The security code is the three- or four-digital code printed
on the front or back of a credit card.
• Require your customers to enter the security code with their
credit card information to ensure the card is in their physical
possession.
4. Require Strong Passwords
• Require customers to use strong passwords containing a
combination of capital and lowercase letters, numbers, and
symbols when creating an account on your site.
• A strong password is difficult for a criminal to generate.
5. Flag Excessive Card Entry Attempts
• Criminals enter several credit card numbers in a row until
one is accepted.
• Restrict the number of times a customer can enter their
credit card information incorrectly.
6. Use an Address Verification Service (AVS)
• AVS verifies the credit card and address entered by the
customer matches the information on file with the issuing
bank.
• This security tool can be implemented with a new or existing
payment gateway.
7. Investigate Suspicious Behavior
• Investigate suspicious behavior, such as multiple purchases
of large ticket items, multiple purchases from the same
account to different addresses, purchases at odd hours,
purchases using a US credit card with a foreign shipping
address, and so on.
8. Learn More
• For more ways to ensure secure online payment processing,
visit www.FirstAtlanticCommerce.com.