Countermeasures to Combat Cardholder Fraud
You are living in a world that has become a small village due to the globalization as many businesses transact business activities across the world from different locations. Therefore, these a demand on businesses that transact business across the world to change the payment methods that they use. 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. Electronic payment methods include the use of smart cards, mobile payments, credit card, debit cards, checks 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 cardholder frauds can include skimming, account takeover, application frauds, checker to name but a few. There are many countermeasures that have been put in place by different people to combat the cardholder frauds. The following are the ways to combat cardholder frauds.
There is the role of the card issuer to play. The company should take therefore of ensuring that there are fraud detections and other mechanisms to respond to the cardholder frauds such as the Andrew Phillips Cardflex processors. Additionally, there are other detection and prevention software that a company can ensure they engage that will be in a position to notice any unusual patterns of transaction behaviors helping in alarming the company.
When it comes to the combating of cardholder fraud, even the merchant as a role to play. One of the way as a merchant you can combat the cardholder fraud is by requesting for additional information such as the ZIP, pin and 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.
As the cardholder, be sure to report when you lose the card, or it is stolen. Be sure also to regularly check the charges and any report of unauthorized transaction that you do not do.