CHARGEBACK MAKE HELP TO ONLINE PAYMENT FRAUD AND TRENDS

Posted by Apoorv Joshi on February 23rd, 2018

World of payment is advancing technologically, it has increased possibilities for cardholders and merchants to connect globally. Card holders can make payments while using mobile devices, and enjoy multiple payment methods at a time. Technological advancement has made easy to detect and protect data with the help of tools and strict policies.

Online frauds have cost billions of dollars to companies, cutting their earning dramatically. Online and offline frauds are increasing rapidly, with each retailers losing at least for every fraud they incur in the year 2014. This was .79 in 2013, especially mobile frauds which are driving these costs higher each year.

How Ecommerce Mitigate Fraud?

It is a challenging task to entirely eliminate frauds, but necessary steps can be taken to ensure network is secure. Security protocols, antiviruses, and firewalls can help protect against hacking attempts.Updating software problems ensure sensitive data of business is safe. There are many ways to protect business, here are some of them:

Increase awareness of fraud trends
Partner with payment processors who are verified
Using encrypt transactions for confidential information
Ensure Login and tokens are changed on regular basis
Policies for accessing confidential data
Security checks using antivirus programs
Customers to log into accounts before making purchase

Payment frauds can not only hurt merchants but customers as well. Aggressively protection against frauds can improve bottom line and the reputation.

How to revent friendly Fraudsp

Saving IP Address: If you keep record of IP addresses, it will help a lot. It is usually on merchant receipt, and can be used to challenge chargebacks as supporting evidence. For example, a person belongs to certain town, and the IP address also belongs to same town, then suspicion can be back on card owner.

Author Section: This article is written by Apoorv Joshi knowledge for chargebacks and how to fight or reduce chargebacks. Chargeback Expertz is a Detailed Risk Management Company helping Retail and Online Merchants. Chargeback Expertz’s system is designed to defend the eCommerce Business against all types of Fraud and Threats.