Four Ways To Stop Credit Card Fraud Affecting Your Business
Internet payment has made everybody’s life easier – but with Internet payment has come Internet fraud. People must remember, too, that credit card fraud doesn’t just hit consumers. In fact, merchant account holders are constantly under risk of credit card fraud, given the nature of online fraud today.
So what can a business owner do to prevent credit card fraud? A credit card fraud solution is out there ready for you to utilise, given the numerous ways you can stop credit card fraud affecting your business.
The first thing to consider would be the comparison of an IP address county, and the country of the billing address. An IP address is able to identify where an individual is located. By ensuring that the IP address country and the country of the billing dress are the same, you can significantly reduce chances of being hit by credit card fraud. Many companies out there are able to offer you the technology to compare IP address countries.
Another incredibly easy method is to determine whether the country is one of the many well-known ‘high risk’ countries. It’s always important for a business to inspect every order that has been placed, when it deals with an international address. By paying attention to the shipping address, you can determine whether it is being shipped to one of the many ‘high risk’ countries. These include places like Indonesia, Lithuania, Egypt, Romania, Turkey and Russia amongst others. These countries are known simply because of their notoriety and history. By being wary and taking necessary precautions with these orders, you can avoid credit card fraud and potential losses to your financial assets.
Furthermore, business owners should ensure that their business is able to recnogise whether a free or anonymous email address was used when the order was placed. It’s more common that orders placed with these kind of email addresses are fraudulent, given that the process of scamming a business would not actually have to cost. With account like yahoo.com and hotmail.com, orders can be placed and credit card fraud can occur. Many customers, however, do use these email addresses and that’s why it’s important to check IP addresses with every purchase. Do remember, however, that a business placing an order is incredibly unlikely to place it under a free email domain. Be aware of tricks like this, and you can’t go wrong.
Finally, be sure to consider websites like binbase.com that are able to offer you a variety of features to ensure that your business does not encounter credit card fraud. Binbase.com is a BIN database provider that allows for a variety of checks on a customer. These include fraud prevention as a whole, cardholder verification and transaction authorisation. An all-in-one package, binbase.com is just one of the numerous ways a merchant account holder can avoid credit card fraud online.
Consider these important points, and your business can easily be protected from online credit card fraud.