Tips to Combating Cardholder Frauds
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. Electronic payment methods are one of the results of the demand to change the traditional methods of payment. 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. Electronic payment methods include the use of smart cards, mobile payments, credit card, debit cards, checks 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. 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.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 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.
The company that issues the card as a part to play in combating the cardholder fraud. The company issuing the card can take a step of ensuring that they come up with processors and other mechanisms that can detect the card frauds for example, the Andrew Phillips Cardflex processors.For example, there are software is that can be installed to ensure that it is possible to notice unusual patterns during transactions hence the 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 sure also to regularly check the charges and any report of unauthorized transaction that you do not do.