Credit or debit card holders feel a lot safer these days after losing their cards. People have mainly stopped worrying because of the remarkable speed at which lost information can be easily recovered with full compensation.
Avoid these mistakes at all costs for not ruining your online business.
Things aren’t obviously bright for the merchants:
However, things aren’t the same for companies that are processing credit card information, and they aren’t always going to take the burden of unauthorized purchases paid from individual accounts.
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To make matters worse, the banks are now forcing the online stores to bear additional losses when they are already abiding by countless numbers of imposed policies from banking institutions.
Banks will monitor around the clock for preventing all forms of credit card scams. They are also implanting microchips within their latest card designs for eliminating the possibility entirely.
Moreover, the card holders don’t have to pay anything for recovering their lost card and the money.
Once an investigation begins following a fraud, the issuing card company (bank) will be looking for the slightest trail of a fraud purchase. Therefore, if you’re a merchant then do not hesitate to consider the following measures right away.
- Invest in EMV-compliant equipment right now if you still haven’t.
- Integrate AVS for verifying the address of billing and the recorded address of a customer.
- There is a three-digit CVV number printed on the back of a card to prevent unauthorized orders being placed with a stolen credit card.
- A mandatory signature of delivery reveals the true identity of a receiver. The recorded and the delivery addresses get verified at the same time.
- Lastly, do not hesitate to report to the processing company if you have the slightest feeling of a fraud. Taking proactive measures will also reduce liability for merchants.
To eliminate the risk entirely, E-commerce sites have to introduce AI and hire teams of fraud experts to eliminate credit card theft.
Despite the lesser number of news related to credit card fraud, the Global Fraud Index shows otherwise.
For merchants, adhering to the above guidelines is the smartest thing they can do for protecting themselves against future losses. Stay with TTN as we will be revealing more insightful tips for online businesses only for you.