Sadly, internet payment fraud is on continually rising, and all businesses should be aware of this. Generally speaking, no company would like to lose money or get involved in unwanted trouble due to illegal transactions of any kind. Criminals are constantly using more sophisticated methods in their use of malware to command online banking logins via communication devices, using the stolen account’s details to make fraudulent payments.
This is why we at Electronic Merchant Services endeavor to provide only the best fraud prevention services. With secure payment processors and cutting-edge e-payment solutions, we offer only the best services and provide excellent protection for your business.
When it comes to fraud management, it’s crucial to identify the many faces of payment fraud.
• IDENTITY THEFT – According to recent studies, identity theft is one of the most common forms of payment fraud. Here, credit cards are the most common target, since the criminals don’t need much to carry out a “card not present” transaction. In these cases, fraudsters target personal information (names, addresses, credit card information etc.) This enables them to order online under false names and paying with someone else’s card information, or by debiting other’s accounts.
• FRIENDLY FRAUD – With this method, customers order products or services and pay for them using a “pull” payment method, like using a credit card or direct debit. After the transaction, they initiate a chargeback, claiming that their credit card information was stolen. They get their money back, but they keep the goods or services.
• CLEAN FRAUD – The basic principle behind this method is that a stolen credit card is used to make the purchase, but the transaction is manipulated in such a way, that fraud detection functions are circumvented. The goal is to cancel the payment once the purchase has been made. Criminals use sound analysis of the fraud detection systems deployed and have a great deal of knowledge about the rightful owner of the given credit card.
• AFFILIATE FRAUD – There are two variations of this method, both of which have the same purpose – to glean more money from an affiliate program by manipulating traffic or signup statistics. This can be achieved by a fully automatic program or by getting real people to log into merchants’ sites with fake accounts.
• TRIANGULATION FRAUD – With this method, the fraud itself is carried out via three points. At first, a fake online storefront is created, which offers high-demand goods at low prices. Sometimes, it’s added that the goods will only be shipped immediately if they are paid for using a credit card. This fake shop only collects addresses and card information. In the second step, the stolen data and the collected names are being used to order the products at a real store and ship them to the original customer. At the third point of the fraud, additional purchases are being made with the stolen information. The order data and card numbers are now almost impossible to connect, so the fraud remains undiscovered for a longer period.
We have the solution for you!
Fraud methods vary depending on the sales channel, and the fact that most businesses aim to achieve multi-channel sales does not make the situation any easier. We at EMSpayments offer strategic management of account relationships, we also customize service level offerings based on your needs. With a professional client relations team, we provide the best transaction management and reporting, advanced fraud monitoring, chargeback management and interchange management.