May 3, 2018 // By:admin // No Comment
A Guide to Combating 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. To change the traditional methods of payment transactions, electronic payment methods were found to be the best.Nowadays, individuals also can use different electronic methods of payment if they purchased items from different shows both online and physical shops. For instance, you can make an electronic payment using a smart card, mobile payment, credit card, debit card, a check to name but a few.
There are many advantages of using electronic payments, but one of the greatest disadvantages is that you can’t protect your money. It has been proven with many cases being reported of people who have been a victim of electronic money fraud such as credit card or debit card frauds.The fraud could happen for instance when your card is stolen, and especially if it was with other details pertaining the account meaning that you can lose all the money in the account. Other cases may involve skimming, checker, account takeover, application frauds to name but a few. There are many studies that have been done to help in combating the cardholder frauds. The following are the ways to combat cardholder frauds.
The issuer of the card that is the company issuing the credit or debit card as a great role to play. The company issuing the card can take a step of ensuring that they come up with processors and other mechanisms that can detect the card frauds for example, the Andrew Phillips Cardflex processors. Also, there is fraud detection software that the company can come up with to ensure that the notice or detect any unusual behavior or pattern during the transactions which can help in raising a red flag.
When it comes to the combating of cardholder fraud, even the merchant as a role to play. When the merchant is transacting business with the card, it is important to request for additional information such as the pin, ZIP and also the card security code. 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. As a cardholder, it is important also that you regularly check the charges and any notification of the unapproved transaction.
Researched here: read the article