6 Facts About Payments Everyone Thinks Are True

Countermeasures to Combat Cardholder Fraud

You are living in a world that has become a small village due to the globalization as many businesses transact business activities across 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. Examples of electronic payments include the use of credit card, debit card, checks, money transfers, smart cards, mobile payments 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. It has been proven with many cases being reported of people who have been a victim of electronic money fraud such as credit card or debit card frauds. There are chances that people lose the card together with other personal details meaning that the person who finds the card can make transactions using your card. Other cardholder frauds can include skimming, account takeover, application frauds, checker to name but a few. There are many countermeasures that have been put in place by different people to combat the cardholder frauds. Discussed below are some of the ways of combating cardholder fraud.

There is the role of the card issuer 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. It is possible is important also to and sure that you use reliable authentication during the payment such as the PayPal if indirectly and also the MiiCard if directly.

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.