Almost all of us use credit card for some or the other purpose and this makes our life easier. But what happens if we fall victim to credit card fraud? It’s a nightmare indeed! There are a number of security guidelines which can help consumers to do away with credit card fraud. Let us see the different measures that merchants can take to make sure that their customers as well as data is safe and secure from identity theft, hackers and pricey charge backs. Here are 5 notable ways which can go a long way in maintaining safety for your business and bring down the risk of credit card related fraud.
Implementation of AVS (Address Verification System)
AVS is in fact a credit card processing instrument which enables merchants to take into account the ZIP code as well as billing address of the cardholder in the authorization request. The extra layer of security that it provides is particularly helpful in case of internet transactions and other sales taking place in a card-not-present environment. It makes sure that whoever is going for the purchase is the same individual who receives the monthly billing statement of the card.
Application for CVV (Credit Card Verification Values)
A CVV (credit card verification value), alternatively called as CVC (card verification code) or CVVC (card verification value code) is a safety attribute which serves for keeping hackers away from utilizing credit card numbers which security breaches and fraud attacks have generated. By asking for the CVV, which comes in the form of a code of three or four digits on the back or front portion of the credit card, merchants are capable of verifying the person who is involved in the purchase and actually has the physical card in his or her hand.
Identification of Counterfeit Cards
Counterfeit fraud takes place when criminals go for creation of fake cards containing genuine information in order to indulge in counterfeit purchases. The capability of recognizing a forged credit card enables you to keep a check on fraud. You need to ensure that the embossing of the card is straight and clear. Moreover, you should also scrutinize the signature panel to make sure that there has been no tampering. There are particular security features in the credit card, such as CVVs and holograms, which can help to distinguish a fake card from a genuine one.
Careful Examination of Online Transactions
In case of online transactions which take place by means of e-commerce payment gateways, there is no way to scrutinize the physical credit card. In such cases, you may still make sure that the buyer is not making use of stolen card information for any kind of fraud. Be careful of diverse credit card numbers whose origin is a singular IP address, especially when it is a case of large orders containing a number of similar items. Moreover, you must take care of orders coming from manifold credit cards and requested for delivery to one shipping address.
Compliance with Standards of PCI DSS
Ensure that your payment processing scheme maintains compliance with the standards of PCI DSS which offers further protection against clients’ information and guarantees that the business is safe.