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. Therefore, these a demand on businesses that transact business across the world to change the payment methods that they use. 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. After long-term of research and trying to come up with a new method of payment, the electronic payment method was found. There many companies and individuals who of adapting to the electronic payment method to pay for the items that are purchased from physical or online shops.Examples of electronic payments include the use of credit card, debit card, checks, money transfers, smart cards, mobile payments to name but a few.
One challenge people are found with electronic payment is that it is hard to protect your money from the electronic devices. There are many cases that prove the insecurity of having electronic money as many cases report of credit card or debit card frauds. The fraud could happen for instance when your card is stolen, and especially if it was with other details pertaining the account meaning that you can lose all the money in the account. Other cases may involve skimming, checker, account takeover, application frauds to name but a few. There are many countermeasures that have been put in place by different people to combat the cardholder frauds. The following are the ways to combat cardholder frauds.
The company that issues the card as a part to play in combating the cardholder fraud. The company should take therefore of ensuring that there are fraud detections and other mechanisms to respond to the cardholder frauds such as the 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.
Additionally, the merchant also will have a role to play in combating the cardholder frauds. 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. Be sure also to regularly check the charges and any report of unauthorized transaction that you do not do.