Finance
Curbing Online Frauds on Online Transactions
The internet is just a part of life in the 21st century, and there’s so much you can do online. But should you trust the internet? The simple answer is yes. With the right tools and a few common sense precautions, you can protect yourself online. If you put security software on your computer and are careful about giving personal information to strangers, you should be just fine. You are safe as long as you pay attention to most if not all the red lights when it comes to the internet. It takes the slightest mistakes to cost you your money, time and even million dollar deals. Here is a few informational precautions that will ensure your online transactions are safe.
While selecting the right payment processor and service provider(s), you need to have partnered with a Visa payment processor that can provide effective risk management support, and demonstrate a thorough understanding of Internet fraud risk and liability. You also want to take a good, hard look at any service provider before you sign a contract. This is important because customers pace through the contract without actually reading. Ask yourself, does the service provider have what it takes to keep your cardholder data safe and minimize fraud losses?
Use Visa tools to reduce your exposure to any online risk, if you have conducted business online you might have as well made some mistakes. Instances such as wiring money to the wrong receiver or frauds operating online are more common today. You need to select and use the right combination of fraud prevention tools. Today, there are a number of options available to help you differentiate between a good customer and an online thief. Key Visa tools include Address Verification Service (AVS) and Card Verification Value 2 (CVV2). AVS, is a security measure that is used to prevent fraudulent transactions on any debit or credit card. As the name suggests, Address Verification Service is based on the verification of the address of the card holder. CVV2, is an important security feature for credit card transactions on the Internet and over the phone. The CVV2 number enhances fraud protection and helps to validate if the customer has the credit card in their possession and the credit card number is legitimate
In instances where a company is conducting online business, it is necessary to apply fraud screening. Fraud-screening methods can help you minimize fraud for large-purchase amounts and for high-risk transactions. By screening online Visa card transactions carefully, you can avoid fraud activity before it results in a loss for your business. Fraud Screening provides all of your transactions with a score and rating that highlights the level of risk the transaction pose to your business. It will provide you and your business with additional protection against fraudulent activities.
The tool, Verified by Visa, can create the most significant reduction in merchant risk exposure by increasing transaction security through cardholder authentication and by providing chargeback protection against fraud. E-commerce merchants who work with their acquirers to implement Verified by Visa are protected from certain fraud-related chargebacks on all Consumer and Commercial cards with limited exceptions. If applicable, E-commerce merchants may receive a reduced interchange rate.
With these few alerts you are definitely safer than before, simply by reading this. Simple hacks are such as, Do not tap the “agree box” of a contract you have not read. Do not subscribe any notifications unless you are well informed of the online contract details, be extra careful of high risk transactions and the obvious.
