Fraud prevention is better than chargeback cure
Yeah – it is wiser to check credit card fraud rather than challenge chargeback claims, online merchants have very little choice if a customer disputes a charge on his credit card. The credit card issuer reverses the credit, the hapless merchant losses the merchandise, pays for the transaction fee, shipping charges, and as if rubbing salt on the wounds, is the charge back fee. Fraud prevention is better than chargebackcure.
Fraud Alert on time can save businesses online.
Fraud prevention service offered by MerchantRMS through its automated screening process generates a fraud alert in quick time. The pre-screening alerts the merchant of credit card fraud detection before the card issuer processes the payment request and authorizes it. The Fraud alert on time will provide the merchant to review the transaction, and possibly place it on hold rather than allow the card issuer to authorize the payment request and then reverse it after the fraud is uncovered.
Small or large business guard thyself from fraud
If you own a small or a large online business, it is more likely that at some point of time your business is going to be on the radar of organized gangs of fraud geniuses. A 2009 study on credit card fraud reveals that identity theft affected 10 million victims in 2008, a rise of 22% over the preceding year 2007, the study further point out that 71% of fraud happens within a week after stealing the persons personal data. The fraud prevention service offered by MerchantRMS nullifies fraud attempts made by the organized crime syndicates.
Secure transactions with early fraud analysis:
Fraudulent Card-Not-Present transactions in UK touched £212.6 million in 2006, a jump from just £ 13.6 million in 1998. Amongst internet transactions, the Card-Not-Present transactions are the easiest targets for fraud. The identity thieves are able to gather complete profiles of genuine credit card holders, and manipulate the lax screening processes of payment authorizing banks that validate the payment request by matching it with available records. If pre-screening measures offered by MerchantRMS are in place on e-commerce websites early credit card fraud detection is possible because the company uses 600+ screening parameters to combat fraud, minimizing the risks of online transactions.
Click here to know more about the process of our credit card verification system
