Business owners who conduct business or sell products online need solutions that lower the risk of fraud. Cybercriminals acquire financial information through unsecured payment systems and enter the details into a fake user account to get products and services. Reviewing the elements of payment fraud prevention software shows businesses how the tools can help them.
Verifying The Source of the Payments
Verifying the source of payments helps businesses avoid fraudulent payment methods. The right software authenticates the payment method before accepting the payment and prevents unlawful charges. Too often, scammers use fake accounts to obtain goods and services. The right software solution accepts payment methods that are known and require security codes from the users. Any payment method that isn’t authenticated is stopped and the transaction isn’t processed. The software, according to realtimecampaign.com, prevents businesses from facing serious financial losses because of unknown payment types.
Verifying Billing Address and Preventing Mismatched Transactions
Verifying the billing address and preventing mismatched transactions, stops businesses from accepting fraudulent payments, too. All bank accounts, credit cards, and debit card accounts have an address for the account holder. If the user doesn’t enter the correct information, the transaction is stopped. Some consumers use separate shipping and billing addresses to prevent hackers from getting their information and using it online. If the information is mismatched the software prevents the transaction from processing and sends an alert to the business owner. All information is recorded to prevent additional attempts in the future.
Blocking Unknown Payment Methods
Blocking unknown payment methods are detected through software and online payment solutions. Typically, businesses accept known banks, credit cards, and debit cards. If the user enters information that is connected to an unfamiliar payment method, the system records the attempted transaction and generates a log of the transaction. It then pinpoints where the payment method originated. Business owners who want to learn more about protecting their company against fraudulent payments should check out this site right now.
Flagging Frequently Changing Payment Methods
Flagging frequently changing payment methods helps the business owner locate potential identity thieves. Users who change their payment method frequently are often using stolen financial information and changing their payment method after the credit card accounts are closed. Once a consumer discovers fraudulent charges, the card is reported to their credit card company. In turn, the information is no longer valid, and the thief must find a new payment method. Fraud Prevention Tools You Need to Embrace prevent fraud and protect your company against liabilities.
Identifying Irregular IP Addresses
Identifying irregular IP addresses helps companies block potential identity thieves and fraudulent payments. If the IP address location and the customer information don’t match, the user is more than likely trying to use stolen information. To learn more about software that offers fraud prevention, business owners can contact vendors such as Sift today.
Business owners must follow steps for protecting their company from cyber thieves. The criminals use stolen information or fake payment methods to get goods and services. Reviewing software that can prevent payment fraud helps businesses build a better defense against cyber thieves.