Fighting Credit Card Fraud

Credit card fraud costs retailers, consumers, banks, and credit card firms billions and billions of dollars worldwide — and that only includes the fraud we know about, not the fraud that goes unreported.
This post focuses on online credit card fraud. As HubSpot notes:
“Credit card chargebacks can result in tremendous losses for your online store. Not only that, but the financial institutions that back those charges could put you in a sticky situation while investigations are carried out. New technology is regularly put in place to help E-commerce companies weed out the fraudulent charges, but they become obsolete the moment criminals discover new ways of stealing. While you simply can’t catch everything, there are some things you can keep your eyes peeled for. These 10 tips will help you cut down on credit card fraud, which will then boost your bottom line.”
  1. Keep Shopping Cart Software Up to Date
  2. Use Any Fraud Detection Features Offered
  3. Match IP Address and Credit Card Address
  4. Monitor Expedited Shipping
  5. Target Suspicious Email Addresses
  6. Compare Credit Card Entries to Users
  7. Require the Security Code
  8. Request Signatures Upon Delivery
  9. Investigate Non-Physical Shipping Addresses
  10. Ask for More Identification

 

Click the image to read more about each tip.

 

 

This entry was posted in Online Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Privacy and Identity Theft Issues and tagged , , , , , , , , . Bookmark the permalink.

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