Tips For Detecting Credit Card Fraud 2022

There are numerous tools and techniques for detecting fraud, and most merchants use a combination of several of them.

Payment cards are simple to use because they only require a few simple numbers to be transmitted to the bank in order to identify your account and authorise the transaction. 

There is no technological solution comparable to the EMV chip in terms of widespread use and effectiveness in the card-not-present transaction environment of e-commerce. 

There are some potential solutions on the horizon, most notably Click to Pay, but unlike EMV chips, these require customer action to sign up for the service.  

That means there’s a significant barrier to adoption that can’t be overcome by something akin to the EMV liability shift that ensured EMV chip adoption. 

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Data security begins with your basic hardware and software. Check that the platforms you use for payment processing and storing customer data  

Tools for Detecting E-Commerce Fraud

PCI-DSS compliant, which means they are up to date with the most recent industry-standard anti-fraud security measures. 

The next step is to use some of your payment processor’s basic anti-fraud tools, such as AVS and CVV verification.  

In order to complete a transaction, purchasers must enter the correct billing address and CVV number associated with the payment card.  

How Do Fraud Detection Tools Function?

Merchants can choose from a wide range of fraud detection tools, each with its own set of methods and operations.  

AI-driven or rules-based risk scoring and velocity checking are two examples of common capabilities. 

Multiple transactions with one or more pieces of shared information in a short period of time are sought after by velocity checking.  

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