A Guide to Combating Cardholder Fraud
The world has become a global village with businesses being transacted around the globe. 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. Electronic payment methods are one of the results of the demand to change the traditional methods of payment. 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. 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. In many cases you can lose your card and also other personal details in the same bag meaning the person who finds the back can conduct transactions on your behalf without your knowledge. Other cases that can lead to the card from includes account takeover, skimming, checker, application frauds and so on. 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. 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.
Additionally, the merchant also will have a role to play in combating the cardholder frauds. 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. It is possible is important also to and sure that you use reliable authentication during the payment such as the PayPal if indirectly and also the MiiCard if directly.
The card can be stolen, or you can also use it, and as the cardholder, you should report to the company.Be sure also to regularly check the charges and any report of unauthorized transaction that you do not do.
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