Payment fraud tools and techniques
- 7월 26, 2017
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Payment fraud tools and techniques
Technologies such as 3D Secure, which provide an extra layer of security for online credit and debit card transactions, can greatly help combat fraud. However, since risk varies depending on the type of e-commerce, there is not enough single measure in every situation.
Sellers can enhance security by requesting MasterCard / Visa CVC2 and CVV2 confirmation numbers (ie, the number on the back of the card) as part of the online checkout process. MasterCard and Visa provide merchants with fraud prevention software to help them analyze orders and detect fraudulent activity.
The acquirer can help the merchant by analyzing the transaction data and identifying any discrepancies or patterns in the transactions that could represent a fake.
For example, chargeback data analysis can help card issuers, acquirers, and processors identify vulnerabilities in the payment process when they perform certain transactions. Since prevention is always better than cure, merchants and buyers should focus on minimizing fraud opportunities when dealing with fraud.
Consumers should always pay attention to suspicious activity and ask questions about what appears to be a suspicious transaction.
Pay fraud is always an ongoing threat and e-commerce remains a challenge as it continues to replace offline transactions. However, cybercriminals are becoming more sophisticated, but technology related to crime is more effective. Big data, predictive analytics, and increasingly diverse fintech security products can help you develop the layered approach you need to reduce pay scams.
A dedicated fraud team and ongoing awareness and education are essential to frustrate the fraudsters at every stage of the payment cycle.
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