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 no longer the generation that used the barter trade as a method of payment or the use of cash because it is hard to transact cash across the world. After long-term of research and trying to come up with a new method of payment, the electronic payment method was found. 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. For instance, you can make an electronic payment using a smart card, mobile payment, credit card, debit card, a check 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.This is after many people of experienced credit card or debit card frauds. In many cases you can lose your card and also other personal details in the same bag meaning the person who finds the back can conduct transactions on your behalf without your knowledge. Other cases that can lead to the card from includes account takeover, skimming, checker, application frauds and so on. There are many studies that have been done to help in combating the cardholder frauds. Discussed below are some of the ways of combating cardholder fraud.
There is the role of the card issuer 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. Additionally, there are other detection and prevention software that a company can ensure they engage that will be in a position to notice any unusual patterns of transaction behaviors helping in alarming the company.
The merchant, on the other hand, will also have a responsibility when it comes to combating 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. It is possible is important also to and sure that you use reliable authentication during the payment such as the PayPal if indirectly and also the MiiCard if directly.
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.