A Guide to Combating Cardholder Fraud
Globalization has turned the world to be a small village with many businesses transacting business activities around 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. 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. 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. 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 countermeasures that have been put in place by different people to combat the cardholder frauds.Below are some tips on combating 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. 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.
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