Fraud Prevention in the Age of Data Breaches
July 1, 2023
Credit card processing fraud is among the leading causes of profit reductions for merchants. Criminals gain access to credit card information and make unauthorized purchases. When the cardholder documents a chargeback and learns of these fraudulent transactions, the retailer ultimately becomes the victim.
There are a range of things that have contributed to the rise in credit card fraud and is especially dangerous for eCommerce merchants who rely solely on card-not-present transactions.
eCommerce Merchants are the Biggest Victims of Fraud
When data breaches make the headlines, the news reports often concentrate on the harm done to the consumers rather than the merchants.
By way of example, experts estimate the average security breach costs the merchant $200 per compromised cardholder. Since the average violation affects 28,000 cardholders, the merchants lose $5.6 million to fraud.
Nevertheless, the true sufferers of data breaches are the innocent online eCommerce retailers who end up processing unauthorized sales.
Unfortunately, many consumers do not take the fraud reduction steps following a data breach. One poll of data breach victims reported 32 percent of victims dismissed the data breach notification and did nothing following their sensitive information that had been compromised. Only 28 percent of fraud victims actually canceled the debit card account or credit card.
How to Get all the Fraud Protection your Business Needs
PayKings has partnered with high end companies that cater to high risk merchants like we do and offer them supplemental services to manage fraud and stay ahead of that fraud before they fall victim. Services like chargeback protection and payment gateways will keep your chargeback ratio low and preditor fraud at bay.
Credit card fraud is a wide-ranging term for theft and fraud dedicated to using or involving a payment card, such as a credit card or debit card, as a deceptive source of funds in a trade. Fraud is a big cause of credit card chargebacks, so many business owners seek eCommerce fraud prevention and eCommerce fraud protection solutions. If you are an eCommerce seller, you need credit card fraud protection for merchants or risk losing mountains of profit.
How to Get Credit Card Protection from Fraud for the Merchants
Luckily for you, if you’re looking for credit card fraud protection services for merchants, you’re in the right place. At PayKings we have the technology and partnerships with leading fraud prevention experts to provide you with the best payment processing solutions for your business.
PayKings iSpyFraud™ protection services involve a rule-set based credit card fraud management utility that allows merchants to configure extensive filters to help them in detecting fraud and screening suspicious transactions. iSpyFraud™ ‘s extensive reporting system gives merchants a quick and easy way to review transactions, block suspicious activity, and zero in on malicious users. iSpyFraud™ looks at transactions both before and after processing and can decline transactions before and after authorization. The successful implementation and reduction in chargebacks across numerous merchants has been a testament to the effectiveness of this product.
July 1, 2023 | Merchants | Guest Post