According to Experian, there was a 33 percent increase in ecommerce fraud in 2017, 2018 finding have not been published. The research indicates that the surge was probably an issue across multiple industries. As more and more people move to conduct more business online, merchants must adopt fraud prevention policies and practices to ensure that customer information is real and safeguarded.
The Payment Card Industry Data Security Standard recommends practices that all merchants who accept and store card payment can observe to keep customers safe. In assessing cardholder information and constantly measuring vulnerabilities, companies can correct any shortcomings that could expose clients and companies to risks.
Chargebacks are a problem across every industry, especially in online card-not-present (CNP) transactions. Some of those chargebacks can be attributed to fraudulent activity. Unauthorized use of the card is the most commonly cited reason for chargebacks among merchants. Expired cards being accepted in error are another challenge for some merchants. Merchants want to be confident that they are protecting their consumers from potential fraudulent use of their credentials. They also see fraud prevention as a means of protecting themselves from fees that could increase costs for their merchant services (having to pay chargeback fees per occurrence).
Card fraud is a persistent problem in the U.S. In fact, per The Nilson Report, U.S. card losses accounted for a whopping 38.7% (or $8.45 billion) of gross global card fraud losses in 2015. Given that stat, it’s no surprise the major payment networks instituted new rules that very year designed to mitigate the problem.
While financial institutions traditionally footed the bill for fraudulent transactions, payment networks can now hold merchants liable for fraud if they accept the payment in store via a credit or debit card’s magnetic stripe and not it’s more secure EMV chip.
Online payment places an unreasonable responsibly on businesses and customers’ that purchase online with a credit or debit cards. We desire to keep it simple (KISS), deal only in US dollars with money orders and other forms of transferring funds. It could take a little longer to purchase our product but the risk of fraud and fraudulent activity is limited for both business and customer. Once you have contacted us with your desires we will provide you with payment instructions.