Every penny that comes into your business is money you want to keep. Unfortunately, friendly fraud is on the rise. This refers to instances where consumers report charges as fraud after receiving goods and services, so they can get the money back. More often than not, small businesses become the victim of these false fraud…
Category: Fraud Prevention
Why Your Company Needs Chargeback Protection
The Fair Credit Billing Act of 1974 established the chargeback process as a protective consumer measure against unethical merchants. This was designed to be a safety net against fraudulent charges or stalemate disputes with merchants. Through a chargeback, a cardholder is able to bypass a merchant unwilling to work with the consumer and address the…
Best Merchant Account Advice: Don’t Overlook This Type of Fraud
Having provided the best merchant account solutions since 2001, we’ve long said if only fraudsters around the world could use their creativity legally and constructively, e-commerce and storefront retail would be such a better place. Wishful thinking. If nothing else, fraudsters get an ‘A’ for creativity. Recently we came across another innovative credit card fraud…
Credit card merchant account industry a frequent target of hackers
We look forward to receiving the annual Verizon Data Breach Investigations Report each year simply because the findings very much impact what we offer — credit card merchant account services. We don’t look forward to what we’re going to find, however, because fraud rates have only been escalating while tactics have been getting ever creative…
4 Things Machine Learning Schemes Miss in Online Credit Card Processing (Thus the Need for Manual Review)
In today’s online credit card processing climate, there is no silver bullet to vetting legitimate orders from fraudulent ones, in whatever industry. By now merchants know well it takes a combination of human or manual reviews and machine learning – one complimenting the other – for the best results in maintaining both a low fraud…
We Still Have a Major Fraud Problem in the US Merchant Services Industry
It’s not often that we read good news regarding fraud in the US merchant services industry, but Visa released an infographic last week detailing how counterfeit credit card fraud in the US is down a staggering 75 percent, largely due to the migration to EMV chip credit cards three years ago. The magnetic stripe on…
No 3D Secure E-Commerce Merchant Account? Judge Transactions by These 4 Criteria
It’s nothing more than additional steps. It’s a fast track to shopping cart abandonment. I’ll take my chances. Not all merchants like the idea of having a 3D secure e-commerce merchant account, even though we’ve preached for it ad nauseam, for any or all of the above reasons. We understand the resistance. Since 3D secure…
The Best Merchant Account Services: The Fraud We See Each Fall
The best merchant account providers offer their merchants not only solutions but guidance. For us, mitigating fraud in all its forms is of the utmost importance. We want to keep your business processing transactions. Not that e-commerce fraud knows any ‘seasons,’ but we can look at a calendar and pinpoint when certain types of fraud…
In Credit Card Payment Processing, Merchants are Always Under Attack
Threats of hacking are omnipresent in credit card payment processing and there is no sign of relief on the horizon. The only solution is continuous mitigation and remaining updated on trends. If it is affordable, contracting to an IT security provider specializing in attacks is recommended. Recently we read a news item in which an…
Credit Card Processing for Small Businesses: Remember to Scrape Your Printer’s Memory
Because we offer credit card processing for small businesses, we keep up with the latest strategies in information security, such as tokenization and P2P encryption. We’re in a climate of, for lack of a better term, information warfare, in so many ways. Thus, safeguarding the sensitive information of our merchants and partners is of the…