Fraud Risk Management Policy
One of the most important things to keep in mind when accepting credit cards for your online business is preventing credit card fraud. A fraud risk management policy is put in place in order to have a game plan for how to handle the various types of fraud that pop up in business.
How A Fraud Risk Management Policy Works To Your Benefit
Credit card fraud is becoming a bigger problem than ever before, and we consider it our duty to minimize your risk of exposure to fraud. The causes of fraud have been thoroughly studied. Credit card fraud detection techniques have greatly improve with recent technological advances.
We keep a record of cases of fraud with us and other involved banks from the last ten years We only use gateways with a full team of experts monitoring possible fraudulent transactions or accounts so that we can get ahead of the problem and give you warning so they you can decide whether to process a charge or not. Our risk management team has several years of experience with regard to solving chargeback issues and working with customers to their satisfaction.
Our Security Standards:
CVV2 (Card Verification Value):
A requirement in almost all online transactions, this is a feature that requires an additional three or four digit number that is typically printed on the back of the credit card, separate from the main credit card number. Requiring this number helps prevent fraud by capturing the details of the card through the magnetic strip.
PCI security standards also forbid merchants from storing the CVV number (unless a fully PCI compliant gateway is being used, for purchases such as recurring billing), though they may still store other card..
Typically, the CVV is not mandatory with Orbit Card Solutions merchant accounts.
AVS (Address Verification System):
The system will verify that the numeric parts of the address that the credit card company has on file, matches the numeric parts of the address provided by the cardholder AVS verifies the numeric portions of a cardholder’s billing address. For example, if your address is 123A Street, Riverdale, OH12345, AVS will check 123 and 12345. It should be noted, however, that if an AVS matches, it does not necessarily mean there is no fraudulent activity. But if an AVS does not match, then there is something wrong and the charge will be looked into.
AVS is not required with Orbit Card Solutions, but it is an option we offer.
3D Secure is an added level of security for credit card transaction made online that XML-based. Part of the online checkout process requires the cardholder to submit their personal passcode or enroll with the credit card company to receive a personal passcode. This is an attractive feature because the risk is shifted from the merchant to the bank, absolving the merchant of any risk with regard to chargebacks.
Due to this new technology, credit card fraud cases are steadily falling.
3D Secure use is not required by our clients, but is optional.
With this unique credit card fraud dataset, it makes it exponentially difficult to crack this passcode. The fraud risks are greatly minimized. POS software transactions is more secure that ever.
What is the importance of fraud prevention?
From competitors submitting orders to boost your sales only to dispute them and cause you a number of chargebacks, to stolen cards, to organized crime, there are too many reasons to count for you to care about fraud prevention for your business. Let the experts monitor and alert you before it gets out of control and you find yourself in a sea of fraud.
Please note the following facts regarding fraud:
• All banks have a maximum allowable chargeback ratio of 2.00% and 1.00% for Visa and MasterCard, respectively.
• If you have chargeback ratios above the allowable limit for more than two months in a row, your account will most likely be terminated and you will be filed into a database as such, and you may have difficulty obtaining a merchant account in the future.
• Additional fees we be charged for each chargeback by the gateway provider
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Consider your fraud risk management policy for your business.
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