
Comply with all the standards of PCI
There is a good reason why the Payment Card Industry Security Standards Council (PCI SSC) – a forum of international card operators, including MasterCard, Visa, and American Express – has developed a set of compulsory rules for all merchants, and Card-not-present online retailers to follow.Limit your risk
Although there might be a potential for fraudsters to exploit loopholes in your store system, you don’t have to accept that as a norm. There are tools and processes that can help you stay protected. Below are a few recommendations from iPayTotal.Use fraud filters
This could be in the form of the Address Verification System (AVS) or Card Verification Value (CVV). For AVS, you’d be comparing the numeric parts of the billing address stored on a card to the address on file at the card issuer’s company. For CVV, you’d be asking the customer to supply you with a code that can only be accessible at the back of the actual card. Unless stolen, if the person initiating the transaction on your store is not the actual card owner, there’s no way they’d have this code. As such, they won’t be able to checkout on your store.Set transaction limit
Nobody knows your business better than you. So, you should know the kinds of transactions that often come in. Using this revenue information, you can set transaction limits to accept or reject any transaction that falls out of this range. The reason for this is so that you can reduce your liability to a minimum in the event that a fraud eventually occurs. This tip is particularly crucial if you’re running a high-risk merchant business. Because even if you’re lucky to find a payment processor like iPayTotal who’s willing to help deal with your liability through their high-risk merchant accounts offer, you don’t want to push your luck too much.Monitor every transaction
If you’re still a small business merchant, it can be easy for you to track every one of the transactions happening in your store. But for a big merchant, you might want to speak with a software engineer to help you devise a transaction tracking tool. But what exactly are you looking to track? Well, you want to keep an eye on all red flags that might be pointing to fraudulent activities. This could be inconsistent billing and shipping information, orders coming from countries that have an alarming scam rate, and customers using free or anonymous email addresses.Don’t accept wishy-washy passwords
While on your store, ensure that customers use strong passwords only so that it would be near-impossible for fraudsters to have a breakthrough while trying to hack their passwords. You can mandate that any customer in your store should use at least ten characters and alphanumeric passwords only. Although some customers might say they prefer to use simple passwords like “1234” so that they won’t forget, be sure to make them understand that it is for their own safety.Share this story