Countermeasures to Combat Cardholder Fraud
The world has become a global village with businesses being transacted around the globe. The demand on the businesses has been very high especially when it comes to the payment methods being used. It is hard therefore to continue transacting businesses across the world using the barter trade payment methods hence the need to engage a different payment technique for businesses.After long-term of research and trying to come up with a new method of payment, the electronic payment method was found. There many companies and individuals who of adapting to the electronic payment method to pay for the items that are purchased from physical or online shops.Examples of electronic payments include the use of credit card, debit card, checks, money transfers, smart cards, mobile payments to name but a few.
One challenge people are found with electronic payment is that it is hard to protect your money from the electronic devices.This is after many people of experienced credit card or debit card frauds. There are chances that people lose the card together with other personal details meaning that the person who finds the card can make transactions using your card. Other cases that can lead to the card from includes account takeover, skimming, checker, application frauds and so on. There are many people who have tried to come up with the countermeasures to ensure that the cardholder fraud is combated for Below are some tips on combating cardholder frauds.
The company that issues the card as a part to play in combating the cardholder fraud. The company should come up with fraud detection and other processors to help in combating the card frauds, for instance, Andrew Phillips Cardflex processors. For example, there are software is that can be installed to ensure that it is possible to notice unusual patterns during transactions hence the raising a red flag.
The merchant, on the other hand, will also have a responsibility when it comes to combating cardholder frauds.For instance, to ensure that the right person is transacting the business with the merchant, it is important to ensure that request for additional personal information such as the card security code, ZIP and also the pin. As a merchant, it is important that you use reliable authentication such as the PayPal if indirectly and the MiiCard if directly.
It is upon you as a cardholder to report if the card is stolen or you lose it. Be checking your regular purchases and charges and any unauthorized transaction notification.