It is warfare between consumers, merchants and credit card issuers against fraudsters this holiday season. With more consumers using the more secure EMV microchip credit cards than ever – but still not enough – fraudsters are looking to capitalize on e-commerce businesses. Cyber Monday, the day where online shopping reaches one of its peaks in the U.S., is no doubt a holiday for fraudsters.
Instabill, a merchant account provider to e-commerce businesses since 2001, offers five signs of fraud to keep your website and information safe.
Transactions in Quick Succession From the Same Card
A fraudster has a small window of opportunity with a stolen credit card number. Credit card issuers are loaded with information and buying patterns of consumers and can recognize inconsistencies quickly. Fraudsters will ‘purchase’ what they can while the victim is unaware.
Mass Transactions from the Same Locales
Without bias, there are certain regions of the world that are known for large networks of hackers – Eastern Europe, parts of Southeast Asia and Africa come to mind. Transactions from these regions are worth a second or third look.
Purchases Going to a Different Address
Let’s be frank – this Cyber Monday millions of consumers shop online for gifts and send them to friends and loved ones around the country. Therefore, purchases going to different addresses are common. E-Commerce merchants should simply pay a little more attention to these transactions.
Transaction Attempts With an Expired Card
Credit cards expire and consumers often forget. Still, an expired card is just that – an expired card. Credit card issuers roll out new credit cards well in advance of the expiration dates, so a consumer has little excuse.
Finally, Get That CVV Code
Securing the consumer’s CVV code doesn’t necessarily prevent a fraudulent transaction. At the very least, it likely assures the merchant that the consumer is the rightful holder of the credit card. When fraudsters attempt to use a stolen card, the 16 digit numbers are, more often than not, stolen from rogue websites – without the CVV code.
When a consumer cannot provide a CVV code, it is a massive red flag.
We wish you a safe and secure Cyber Monday.
