Businesses around the globe are losing billions each year because of chargebacks. Chargeback fraud is a growing threat worldwide. How can you protect your business from fraud? Who can help you with chargeback insurance?
You deal with chargeback fraud when someone deliberately disputes a legitimate payment transaction that leads to a chargeback for your company. Instead of contacting you, the customer turns to the issuing bank or payment processor.
Did you know that credit card fraud grew by 18.4% in 2018 and is still increasing? The ongoing growth of online commerce has made many online businesses try new approaches and solutions to combat growing chargebacks and fraud.
How Can You Protect Your Business from Chargebacks and Fraud
According to BusinessWire, for 94% of merchants, friendly fraud is an issue for their business. Less than three in 10 are taking successful measures against these disputes. What are some of the top points to focus on?
- Strong Authentication Tools
Don’t forget about a multi-factor authentication (MFA). Make sure your customers enter the card verification value (CVV or CVV2)) number at checkout. Rely on a reliable tool for number validation. In addition, make sure your credit card companies and country support address verification service (AVS) checks.
- Real-Time Decisioning
Use real-time decisioning so your eCommerce platform can make accurate fraud decisions before checkout and payment authorization processes are completed.
- Fraud Prevention – Approval Rate Balance
Sometimes, purchasing chargeback protection affects the approval rate. With the right balance between fraud prevention and approval rate, you can avoid conflict with a merchant’s motivation.
- Hard-to-Guess Passwords
Businesses are also dealing with corporate account takeover, which is a major concern. To avoid this type of fraud, it’s vital to avoid using easy-to-guess passwords.
- Keeping Malicious Software Off Your Systems
Malicious software is also known as malware. This is software developed or corrupted to cause harm to users. They very often “pretend” to be legitimate software. To protect your business, make sure to keep your programs up to date. Also, use strong antivirus solutions. Moreover, you can also restrict your employees from installing new software and allow only the IT department and other authorized personnel to do this.
All of the above-mentioned points are critical. However, you can’t do without working with a respected merchant services provider if you want to protect your business properly.
A true payments expert will offer you the most reliable and advanced chargeback mitigation and fraud prevention services. So, if you’re interested in chargeback insurance providers, a reputable merchant services provider can be the best helping hand.
Keeping Your Business Away from Chargebacks and Fraud
Chargebacks and fraud are a growing concern worldwide. Fortunately, you can take proper measures to prevent cybercrime and chargeback fraud. Make sure to work with a reputable merchant services provider to enjoy the most advanced security measures for your business.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can best help you with chargeback insurance. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.