Understand How Fraud Is Occurring in Your Business
Here are 4 simple steps to review in your business to discover how fraud is finding its way into your systems.
- Review current fraud settings in payment platforms
Do you have systems optimized to alert you when something is potentially fraudulent. For example, are your reading the alerts for AVS No Match? Are you entering CVC2?
Read more here: Use the Address Verification System (AVS) to Help Prevent Fraud
- Know the forms of fraud relevant in your business
Businesses that working on an ecommerce platform are at risk of account takeovers, stolen cards, etc
Brick and Mortar retail businesses are at risk of friendly fraud, stolen cards, and return fraud
This is not an exhaustive list of fraud types, just examples. It is important to work closely with your payment processor to understand the types of fraud that you may be subject to.
- Find out what tools and advice your processor offers for preventing fraud
Many terminals, virtual terminals and card present hardware, offer functionality to alert you to problem transactions. This is another area to work closely with credit card processor to be sure you are effectively using systems meant for fraud protection.
- Understand reason codes for chargebacks received
Fraud leads to chargebacks and loss of revenue for merchants. Understanding the reason codes for chargebacks can help business owners identify if there is a fraud problem in their business.
Using a Certified Payments Professional (ETA CPP) when setting up your merchant account is a way for you to know that you are working with an expert in the Payments Industry. These individuals are certified through the Electronic Transaction Association (ETA).
The ETA CPP program sets the standard for professional performance in the payments industry and is a symbol of excellence. It signifies that an individual has demonstrated the knowledge and skills required to perform competently in today’s complex electronic payments environment.
Discovering whether or not your sales agent is certified is as simple as vising ETA CPP Registry and inserting the sales agent’s name (We did find that some names needed to be entered in all caps).
Electronic Merchant Services is structured so that all accounts are managed by a Certified Payments Professional. If you are looking for a new merchant account or would like to have someone help you navigate the complexities of what you currently have in place you can reach us at firstname.lastname@example.org or 208-273-5575.