Fraud Management Tips
2014 is predicted to be another strong year for online retailers, especially those who accept credit card and mobile payments. However, with this growth follows the rise of fraudulent charge attempts. Reducing risk doesn’t HAVE to mean reducing acceptance of transactions. In fact, too much restriction poses the risk of declining transactions that are not actually fraudulent. Retailers can continue to increase acceptance levels and reduce fraud losses with these two quick tips.
1. Automated Fraud Detection Screening Tools
Many online retailers simply don’t have the TIME to commit to personally screening for fraudulent attempts. This is where Automated Fraud Detection Screening Tools can come into play. These tools can assist you in significantly minimizing credit card fraud risks for merchants without having to contribute all of your own valuable time and effort. Obviously these programs can’t guarantee to be 100% effective, but they will greatly reduce your chances for fraud.
2. Choose a Reputable Credit Card Processing Company
Some credit card processing companies do more to prevent fraud than others. It is important to team with a company that offers advanced and intelligent solutions.
Easy Pay Direct provides a program called iSpyFraud which lets retailers easily set up filters to zero in on fraudulent activity. iSpyFraud allows you to restrict transactions based on IP, geography, amount, and more. By teaming with a credit card processing company such as Easy Pay Direct, you are providing screening tools that can stop fraud before it ever happens.
For more information on how to reduce fraudulent risk, please contact us at Easy Pay Direct, 800.805.4949. We can help answer any questions you may have and get you on the road to safer online retail.