The long-awaited EMV shift arrives this week, and will undoubtedly herald a new era for in-store payment processing. As merchants continue to prepare and launch new pay terminals to accept the new EMV technology, another threat looms—CNP fraud could increase as a result of the heightened security for in-store merchants.
EMV and CNP: The Fraud Connection
Experts believe that CNP (card-not-present) fraud may increase as a result of the EMV liability shift. While EMV will assuredly make in-store shopping safer, the same cannot be said for online shopping. In fact, many criminals seeking to commit fraud may turn to online merchants since exploiting in-store pay terminals will be nearly impossible.If you run an in-store and an online business, this can be a hectic time for you. While making the transition to EMV technology should be your first priority, you shouldn’t ignore your online store either, as there could be an increased risk for fraud to hit there. Here are three things e-commerce merchants can do today to lower the risk of online fraud during this busy time.
Maintain PCI Compliance for Prevent CNP Fraud
Achieving and maintaining PCI compliance is the best thing your can do to prevent CNP fraud. Ensure that your software, website, and payment processing options are up-to-date with current PCI guidelines, and closely monitor the activity that occurs within your database. Any anomalies should be reported immediately.
Ensure SSL Certificates are Current
SSL certificates help protect sensitive pages on your site by creating secure web addresses. While little to no maintenance is necessary to keep your certificates running, they do expire after a while. Taking the time to make sure your certificates are still live can do much to prevent CNP fraud.
Protect Against Chargebacks
Most chargebacks are often the product of accidents of simple miscommunication. However, too many chargebacks can mark exposures in the return and refund policies, which can be exploited by those seeking to commit chargeback fraud. Hone your shipping, return, and refund policies to make sure people are aware of how to settle disputes, and always collect evidence that will help you counter potential chargebacks.
