Always follow the latest payment fraud trends

Always follow the latest payment fraud trends. Make sure to list them so that you can detect frauds before that hurt your business.

Online Payment fraud is a type of illegal transaction completed by hackers. Criminals take funds from personal accounts and can even store credit card data using various methods. Payment world is changing constantly, and that brings future payment possibilities for customers and merchants. It helps merchants attract more customers and allow customers to make payments via mobile and similar platforms. You can enjoy paying via new payment methods and exchange in more than one currency. With current systems your sensitive data is protect due to tools that are developed by research on online payment fraud trends.

Current Payment Fraud Trends

• Phishing: A fake website or email that asks for personal or private information such as bank account, login detail, or credit card is categorized as phishing. If the source is trustable then sharing such detail is not a problem, but if source is unfamiliar then it maybe an attempt to steal your personal information.
• Identity Theft: It is a common fraud that exists not only in online word, but outside of digital realm as well. A criminal who steals information and uses under false pretense is identity thieve. Hackers use firewalls and security systems to hijack login details and personal information.
• Online Shoplifting: Commonly known as Friendly Fraud, Online Shoplifting is the latest trend. A consumer orders goods and/or products online. The consumer uses the services and/or receives the product, yet still disputes it. Visa and MasterCard secure code, 3d secure feature, AVS, IP and Geo- Location helps represent these kind online frauds.
• Page Jacking: Hackers reroute audience from your website by hijacking a small part of it and then directing that to other sites. An unwanted website may have malicious software that helps hackers to penetrate security systems. Many business owners may have come across this problem.
• Wire transfer and Advance fee scam: A common fraud that targets credit card information of users and store owners. Hackers ask advance money for the services they provide.
• Merchant Identify Fraud: Hackers set up merchant accounts as a legitimate business and charge money from stolen credit cards. Criminals vanish before cardholder discovers that payment is deducted from the account. Payment facilitator is liable for money and all the additional fees associated with it.

How E-Commerce mitigate Fraud?

It is difficult to entirely eliminate frauds from E-commerce, but people can protect their money by using a strong security system. Ant viruses and Firewalls are made to shield against hackers who want to steal your data. It is always a good idea to use updated software and ensure that the sensitive information is safe from hackers. There are many ways to mitigate fraud, some of the ways are:

• Maintain a list of current fraud trends
• Use services of a verified payment processor
• Regularly check token and login credentials
• There should be a policy regarding confidential information
• Run security checks via antivirus
• Customer must login to the account before making a purchase

Payment frauds can hurt customers and business owners, it is better to go extra mile and ensure that you and your business is protected. Aggressively protect your website to ensure healthy growth of business.

Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion. ‪#‎Protect‬ your business from ‪#‎onlinefrauds‬ with our fraud detection system.