Protect Your Customers From The CNP Fraud
In recent times most people shops online. An increase in online sales will give a chance for fraudsters in order to commit CNP Fraud. It is essential for merchants to prevent such activities. Any transaction made by the customer with their payment cards, which is not present, is at risk. As a merchant, you have to pay attention to every type of sales, including orders taken via mail or telephone.
Card Not Found fraud in Action
In order to stop this kind of fraud activity, as a merchant, you must understand it and how to avoid CNP-Attacks. Do not assume that it does not happen to you. Thinking like that will offer more space for the fraudsters to keep on continuing with such criminal activities.
⦁ Firstly, fraudsters try to steal the payment card details. They use the details to make online purchases. But they do not acquire all the details such as full address or CVV number.
⦁ Then, they make purchases with the help of the stolen payment card details to check whether the data is working. If it works, then they use a large purchase.
⦁ The fraudsters provide the delivery address, which does not belong the particular card. It is because the verification system does not validate the entire address. They proceed with e-skimming as well.
⦁ With the help of the stolen card details, criminals buy some gift cards and then make some purchase using it, or they can sell it to other Hackers.
Combating CNP fraud
In this modern world, people are choosing online rather than purchasing things in the stores. This trend is accelerated during the Coronavirus pandemic. As online purchasing has been on the rising stage, the CNP fraud rate is also increasing. Most fraudsters focus their attack on e-commerce sites since that is an easy point of entry. If you need to prevent those criminal activities, then you have to follow certain things, they are as follows,
⦁ With the help of Geolocation, you have to verify the location of the consumer with the active location of the payment card as a merchant.
⦁ Biometric analysis will help avoid the CNP attack. You have to verify the fingerprint of the cardholder.
⦁ You have to ask for the additional security code during the final payment, i.e., you have to ask for a CVV number.
⦁ The merchant or issuer must compare the cardholder’s address during the transaction made at the final stage. This is termed as an address verification service.
⦁ You have to set an SSL between the payment solutions and the devices. It will ensure security.
Just like you are making marketing your products and services using a different strategy, you have to layer up the fraud detection approach as well. If you are doing so, it will ensure that you are not losing under CNP attacks. It is considered as a challenging time for everyone, as the number of fraud cases is rising.
CodeSealer Connect is a cloud-based security service for your website, that works for you out-of-the-box.
You let your customers connect seamlessly on to your site via CodeSealer Connect and a secured tunnel. Nettiher your customers nor you will see or feel any difference, while CodeSealer Connect adds security to your existing website.