Merchant Credit Card Processing – Preventing Fraud
It might be unwise to neglect fraud prevention measures for merchant credit card processing systems, given the rising occurrence of identity theft and growing public wariness concerning the safety of personal financial information. Even seemingly redundant and inconvenient procedures should be rigorously applied in order to combat methods like social engineering and internal fraud from circumventing the security surrounding sensitive data.
2 commonly available tools for credit card verification help type a resilient line of defense against fraud: the use of an address verification service (AVS) and card code verification (CCV). This is extremely important for high volume businesses like laser teeth whitening dentists, among many others. AVS ought to be used significantly in circumstances where a costumer’s billing address differs from the shipping address.
Though it may be less convenient, a additional secure choice is to own the billing and shipping information stuffed out with every transaction that goes through AVS. This is often also true of the CCV, which demonstrates that the card is in the physical possession of the licensed user. Keeping a CCV in file for a client circumvents this security measure.
Rather than having a single log-in for your merchant credit card processing system, you should have a multiple user account with a separate username and ID for every employee that uses the system, with carefully selected sets of permissions for every user. This can be essential for correlating actions through your merchant interface to individual users, and limiting all but necessary access to sensitive data. You should conjointly amendment log-in passwords on an everyday basis.
You ought to additionally frequently monitor new and unsettled transactions, and investigate or void any that seem suspicious before your daily cut-off time. Uncommon amounts, changes in address, and unusually frequent transactions are examples of red flags which warrant a nearer take a look at these transactions. Your merchant account could have features which permit you to filter for these indicators automatically.
These are by no means that the only measures on the market to assist you to avoid credit card fraud. Ask the supplier that does your merchant credit card processing to advise you on extra security measures that may be acceptable for your business.