Protection is key
Merchants handling sensitive credit card data are under increasing pressure maintaining PCI DSS compliance. When it comes to what are the best methodologies to prevent credit card fraud in your business there is one idea to keep in mind throughout: secure data protection
If you have systems in place such as the ones we’ve previously mentioned in other blogs– fraud screening and when to introduce it in the transaction process, you are heading in the right direction. What else can you do to prevent credit card fraud in your business? Let’s take a look at three areas that you need to be aware of to prevent credit card fraud.
- Mobile devices
As we’re becoming an increasingly mobile workplace, you need to be confident you’ve reviewed how protected you are in relation to transactions involving mobile devices. As more customers use these devices to make payments or purchase products fraud and security around mobile payments have long been a key concern for merchants and banks.Hackers are well aware that mobile payments, whether through a physical POS terminal or online, are open to risk as smartphone security does not yet match traditional computer security: technical security measures are less common, operating systems are updated less frequently and mobile social networking applications sometimes lack detailed privacy controls.
In addition, mobile malware has experienced a 40 per cent increase in recent years and mobile shoppers using web browsers are much more vulnerable to attacks such as phishing and website spoofing.
“Mobile malware has experienced a 40 per cent increase in recent years”.
- Impact of a new transaction flow
Another step involved in preventing credit card fraud is that a merchant will need to assess the operational impact of a new transaction flow, potential cost savings and the implications for customer relationships. In addition, the merchant must decide whether they prefer to manage confirmed or attempted sales. If, for example, the merchant operates a no-challenge policy — working on a straight accept/deny recommendation — there would be logic in handling fraud screening post-bank authorisation, when the precise value of the sales being denied is clear.
- Compliance is paramount
More than anything, however, the best methodologies to prevent credit card fraud in your business is understanding what’s involved in maintaining PCI DSS compliance. After all, having all the steps in place, such as – building a secure network, protecting cardholder data and so on – are each designed to help you avoid a data breach.
Remember, if you’re subject to an Account Data Compromise (ADC) this will set off a chain of events which includes possible penalties, as well as damage to your business reputation.
Having the right prevention strategies in place with regards to mobiles device transactions, new transaction flow and making sure your business is PCI DSS Compliant are fundamental strategies to protect your business from credit card fraud.
Find out if your business is protected adequately against credit card fraud, to learn more, call us today on 1300 975 630. Or you can book in a consult with a Compliance Specialist here.