Credit card fraud is growing every year and any organisation or merchant who has their head in the sand about how to keep credit card fraud at bay is not going to have a productive 2017.
Credit card fraud is everywhere: online, via mobile devices, call centers, rogue employees and overseas cybercriminals. Credit cards are one of the most common payment methods around the world, yet they are also one of the least secure forms of payment.
Cyber criminals are targeting governments, businesses of all sizes and individuals worldwide via the internet. On an individual level, Australia experienced card fraud of $2.1 billion during 2014-15, double the $1 billion in 2010-11, according to Australian Bureau of Statistics (ABS) figures.
Hackers can be extremely sophisticated. That means credit card merchants must equally fight fraud with up-to-date fraud prevention expertise & technology, including an expert team, use sophisticated tools and techniques to analyse cross-merchant fraud trends and behaviours, draw informed conclusions and enhance fraud detection tools that boost risk strategies and detect subsequent attempts.
It’s not impossible though to keep credit card fraud at bay to the best of your capacity. Retailers, for example, can achieve the levels of fraud detection required by card schemes without turning away genuine transactions and thereby losing income from these sales.
Through IP Solutions’ ability to offer multidisciplinary card fraud detection services from a payment gateway level to advanced overlay services and call centre credit card filtering those risks are minimised. A fraud screening model instantly approves or rejects an order by relying on a real-time, multidimensional fraud decisioning engine. This model does not hold up orders in a review state, and so minimises merchant resources and any impact on the customer.
A critical point merchants have to face when working out fraud screening is when to introduce it during the transaction process. Obviously, the decision to apply screening before or after bank authorisation will have implications for business processes, transaction fees and customer experience.
To find out more about how to keep credit card fraud risk at bay in your organization, speak with a payments Specialist today.