How To Deal With Credit Card Fraud Payment?

June 20, 2009 - PRLog -- How do I get reliable information on card credit detection fraud prevention? Many business owners ask this question for the prevention of credit card fraud.

With the growth of Internet and e commerce, credit card payment fraud has also increased. In simple and general terms fraud is defined when some one knowingly lies to obtain some benefits or advantage or to cause some benefits that is due to be defined.If there is no lie then there may be abuse but not a fraud.

Thus fraud may be defined as a deception deliberately practiced to secure an unfair or the unlawful gain. There are different types of fraud like credit card fraud, check/cash fraud/ employer's fraud, etc. However there are some simple ways of payment fraud detection. Read on to know more.

Credit Card Fraud Payment
The use of credit card with the increase in electronic commerce on the Internet for the purchase has become convenient and necessary. However, frauds in credit card payments are also on the increase, which is a worrying trend.

The credit card transaction provides more opportunities for thieves to steal credit card numbers and commit fraud. Due to the fraud the genuine customer incurs loss of money- not to mention his mental agony at the thought of his personal financial information being compromised. Pro active business owners are seized with this problem and are actively educating their customers on card credit detection fraud payment.

The credit card fraud is one of the major risks that are faced by businesses now days. The recent survey says that there is increase in online crime or the Internet fraud is alive in the cyberspace. The hardest hits are the mid size and the lower size companies that have lost over 2.5 % of online sales due to fraud.

How To Detect Fraud Payment
The fraud payment can be easily detected by the recent improvements in the electronics commerce. Thus thanks to the increased sophisticated encryption systems, verification services, and transaction processing technology. Given below are some tips on how business owners can protect themselves from fraud through simple, yet effective, loss prevention techniques called prevention of credit card fraud and payment detection fraud.

Some Tips To Safe Guard from Credit Card Fraud
The following tips help you to safeguard your business from the credit card fraud

   * Always ask for identification - you should ask for identification any time you are presented with the credit card. Now days many cardholders write on their card as ask for id in order to prevent the unauthorized use.

   * Learn to recognize a credit card's built in security features - the entire credit and debit card has some special characteristics that help both customer and merchant from frauds. In the card credit detection fraud prevention, each time the card is provided you have to consider the following things such as
         o A hologram that changes color in the light
         o A signature panel that resists erases and protects the cardholder's signature.
         o A magnetic strip that transmit the specially coded information
         o An embossed account number that is printed in the front is matched with the printed number at the back.

   * Let cvc2 and cvv2 help in making a decision - the credit cards implements the cvc2 and cvv2 verification method to have greater security for merchants who process the transaction where there is no customer's card that is through Internet. A three-digit code is printed on the entire signature panel on the back following the 16-digit number. Thus it is used to identify that the customer is posse's genuine credit cards and their account number is legitimate.

About the Author:
Kevin has extensive experience in the credit card processing field, from Sales Agent, Risk Analysis, Proposals and Operations Manager for a major credit card processor. He can quickly guide and educate the merchant on how best to lower their fixed costs, reduce unnecessary expenses and offer merchants many merchant account options and help the merchant pick the correct solutions.

Merchant Solutions
2239 W. 190th St
Torrance, CA 90504
(424) 212-9500
ksarisky@merchantsolutionsiq.com
http://www.nabancard.com/?source=12471

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Merchant Solutions IQ (MSIQ) has broken the mold for credit card processing accounts, setting up merchant accounts without the high fees and arbitrary overcharges. Providing free black & white rate comparisons. http://www.nabancard.com/?source=12471