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3 Security Tips from Someone With Experience

A Guide to Combating Cardholder Fraud

You are living in a world that has become a small village due to the globalization as many businesses transact business activities across the world from different locations. The demand on the businesses has been very high especially when it comes to the payment methods being used. Due to the distance, the businesses required to change the method of payment for instance from the barter trade methods to methods that can be accessed quickly across the world. After long-term of research and trying to come up with a new method of payment, the electronic payment method was found. There many companies and individuals who of adapting to the electronic payment method to pay for the items that are purchased from physical or online shops. For instance, you can make an electronic payment using a smart card, mobile payment, credit card, debit card, a check to name but a few.

One challenge people are found with electronic payment is that it is hard to protect your money from the electronic devices. There are many cases that prove the insecurity of having electronic money as many cases report of credit card or debit card frauds. The fraud could happen for instance when your card is stolen, and especially if it was with other details pertaining the account meaning that you can lose all the money in the account. Other cases that can lead to the card from includes account takeover, skimming, checker, application frauds and so on. There are many countermeasures that have been put in place by different people to combat the cardholder frauds.Below are some tips on combating cardholder frauds.

There is the role of the card issuer to play. The company issuing the card can take a step of ensuring that they come up with processors and other mechanisms that can detect the card frauds for example, the Andrew Phillips Cardflex processors. Additionally, there are other detection and prevention software that a company can ensure they engage that will be in a position to notice any unusual patterns of transaction behaviors helping in alarming the company.

When it comes to the combating of cardholder fraud, even the merchant as a role to play. One of the way as a merchant you can combat the cardholder fraud is by requesting for additional information such as the ZIP, pin and the card security code. It is possible is important also to and sure that you use reliable authentication during the payment such as the PayPal if indirectly and also the MiiCard if directly.

As the cardholder, be sure to report when you lose the card, or it is stolen. Be checking your regular purchases and charges and any unauthorized transaction notification.