Tips to Combating Cardholder Frauds
Globalization has turned the world to be a small village with many businesses transacting business activities around the world from different locations. The demand on the businesses has been very high especially when it comes to the payment methods being used. Due to the distance, the businesses required to change the method of payment for instance from the barter trade methods to methods that can be accessed quickly across the world. To change the traditional methods of payment transactions, electronic payment methods were found to be the best. The use of electronic payment method has become very useful even to individuals after the of purchased various items from online and physical shops because they can pay. 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. There are many cases that prove the insecurity of having electronic money as many cases report of 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.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 should come up with fraud detection and other processors to help in combating the card frauds, for instance, 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.Additionally, be sure use reliable authentication if indirectly can use PayPal, but directly you can use MiiCard.
It is upon you as a cardholder to report if the card is stolen or you lose it. As a cardholder, it is important also that you regularly check the charges and any notification of the unapproved transaction.