Countermeasures to Combat Cardholder Fraud
The world has become a global village with businesses being transacted around the globe. With the businesses carrying transactions around the globe, there’s been a need for the change of the payment methods being used. It is hard therefore to continue transacting businesses across the world using the barter trade payment methods hence the need to engage a different payment technique for businesses. 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. There are many cases that prove the insecurity of having electronic money as many cases report of 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 cases that can lead to the card from includes account takeover, skimming, checker, application frauds and so on. There are many countermeasures that have been put in place by different people to combat the cardholder frauds.Below are some tips on combating cardholder frauds.
The issuer of the card that is the company issuing the credit or debit card as a great role to play. 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. Also, there is fraud detection software that the company can come up with to ensure that the notice or detect any unusual behavior or pattern during the transactions which can help in raising a red flag.
Additionally, the merchant also will have a role to play in combating the cardholder frauds. When the merchant is transacting business with the card, it is important to request for additional information such as the pin, ZIP and also the card security code. Additionally, be sure use reliable authentication if indirectly can use PayPal, but directly you can use MiiCard.
The card can be stolen, or you can also use it, and as the cardholder, you should report to the company. Be checking your regular purchases and charges and any unauthorized transaction notification.