Financial

Smart Ideas: Payments Revisited

A Guide to Combating Cardholder Fraud

The world has become a global village with businesses being transacted around the globe. Therefore, these a demand on businesses that transact business across the world to change the payment methods that they use. Due to the distance, the businesses required to change the method of payment for instance from the barter trade methods to methods that can be accessed quickly across the world. 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.Examples of electronic payments include the use of credit card, debit card, checks, money transfers, smart cards, mobile payments to name but a few.

One disadvantage of using electronic payment is that it is hard to protect your money. 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. 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 people who have tried to come up with the countermeasures to ensure that the cardholder fraud is combated for Below are some tips on combating cardholder frauds.

The company that issues the card as a part to play in combating the cardholder fraud. 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.

Additionally, the merchant also will have a role to play in combating the cardholder frauds. For instance, to ensure that the right person is transacting the business with the merchant, it is important to ensure that request for additional personal information such as the card security code, ZIP and also the pin. Additionally, be sure use reliable authentication if indirectly can use PayPal, but directly you can use MiiCard.

As the cardholder, be sure to report when you lose the card, or it is stolen. Be checking your regular purchases and charges and any unauthorized transaction notification.