Online fraud prevention is becoming more and more critical for merchants all over the world. This article will help you with the right payments specialist that can help you compare merchant services so you can find the best protection from fraud.
Top Threats: Compare Merchant Services
Tech giants like Google and Amazon.com Inc. are using AI (artificial intelligence) technology to root out fraud. However, today’s cybercriminals are extremely sophisticated and are constantly working on better mimicking human behavior.
Being able to protect your online transactions exceptionally well is critical to your success. For this, all you need is to work with a reputable payment-processor comparison company in the UK. With a true payment expert, you can compare merchant services in the UK, based on the most reliable snapshot of companies at the time of writing.
Below you can find several fraud tactics that fraudsters are now deploying:
· Scam Calls to Consumers
Consumers receive scam calls that are persuading them to buy gift cards. If consumers buy them online, merchants almost always end up with chargebacks.
· Re-Shipping Schemes + ATO at the Issuing Bank
In this case, consumers become unintentionally recruited by fraudsters to receive packages for them through romance or work-from-home scams. Fraudsters often connect with their victims via social media platforms. Lots of retailers have already ended up with chargebacks for these orders.
· Account Takeovers (ATO) via Credential Stuffing
Credential stuffing (OAT-008) can be defined as an automated threat. Its operation is based on malicious bots. The goal is to “stuff” known usernames and passwords (as a rule, obtained from data breaches) into online login pages to access users’ accounts.
· Fraudsters Use Software to Mimic Real People’s Online Browsing/Shopping Habits
In this case, bad guys use fake personas who visit different websites, click on links and ads, and give 5-star reviews.
Fraud is a growing problem for business owners worldwide. Fraudulent card transactions cause lots of headaches, such as chargebacks, for merchants. Because of data breaches, customers can end up with compromised personal information, which will hurt your company’s image. So, being well aware of what fraud-prevention steps you should take is just a must.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you compare merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right-thinking people.