Cybercrimes such as credit card fraud are kept on raising in this digital Era since selling and buying process over online dramatically increasing. Selling goods exclusively over the internet is not as easy as it sounds. E-commerce merchants always need to be prepared for certain unexpected situations, such as losing their products and having to pay the shipping charges and chargeback fees. However, the primary risk with online transactions lies via payment gateways.
People store and transfer confidential information during online transactions such as authentication information, passwords, and financial information. If frauds and scammers can get their hands on this information, then it poses a major threat.
In 2017, the number of losses was $5.3 billion, which is predicted to be $7.2 billion in 2020. While giant tycoons are also affected by this huge loss, small businesses can end up on the brink of destruction.
ACFE’s report of 2016 has displayed that the median loss suffered by the smallest and largest organizations are the same, though obviously small companies will face more difficulty dealing with fraudulence. So, it is hugely important for small companies to enhance the security of their businesses, but how?
Sarah Grayson, from McAfee’s web security team, recommends that merchants should use firewalls to add an extra layer of security to their online transaction. From the website to web applications like search queries, contact forms, and login boxes, everything must be protected with high-level security.
It will prevent application level attacks such as Structured Query Language (SQL) and cross-site scripting (XSS). When you use credit card fraud detection tools, it eliminates any type of vulnerability during the payment process.
However, it’s important to first understand what credit card fraud is and how it can harm your business. Only then can you detect and prevent fraudulence with the help of anti-fraud tools provided by your payment gateways provider.
Credit card fraud occurs when a credit card is stolen or lost, or the card number and pin are used for unauthorized transactions. For an unauthorized transaction, a company needs to pay interchange rates, markup fees, and assessment fees.
Other potential consequences are:
You need to choose a payment gateway that can secure your business by reducing losses and dealing with card payment fraud with the help of the most effective techniques.
The most important tools against credit card fraud are:
Verification: When the identity/authenticity of the user is verified, it is easy to block fraudulent transactions.
You can have yourself verified using these tools:
Monitoring Irregularities: Certain security tools help you to identify fraudulent transactions and flag or block them.
You can choose:
User Authentication: If the identity of a user is confirmed during online transactions, then the process will be free of fraud.
The best decision you can make as an eCommerce merchant is choosing a payment gateway with built-in fraud prevention tools. It will save you time and help to have safer transactions. In some cases using an ACH Payment Gateway can offer another payment acceptance tools and risk mitigation.
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