Here are some valuable suggestions to help your business from becoming a victim of fraud. For more advanced assistance with your fraud protection needs, please click here.
Fraud Protection Tips
- Collect CVC2 and CVV2 verification numbers. According to Visa this can reduce chargebacks by 26% and can reduce any pass-through fees that may be charged when a credit card order is conducted. On the back of MasterCard and most Visa and Discover credit cards is a 3-digit security code located right after the credit card number. American Express cards also have a similar security code that is located on the front of the card right above the cardholder's account number and is usually 4-digits long. The majority of online payment processors support entering security codes when processing credit card orders. This is an extra security measure that merchants can take that will help prevent against fraud.
- Use Address Verification System (AVS). AVS checks to make sure that the address entered on an order form is the same as the address that the cardholder's billing statements are mailed to. People using stolen card numbers will never use the real cardholder's billing address on an order form. Merchants should be cautious of orders with differing addresses *Using AVS will lower processing fees. However, AVS only works with orders that are conducted in the US.
- Be cautious of orders from foreign countries. A large majority of fraudulent orders come from places like the Middle East, Asia, and Africa. Merchants who are victims of fraud are usually out at least the first $50 of the fraudulent transaction. Orders that are for large amounts, pay a lot for next day shipping, or are for several of the same expensive item need to be handled with caution because there is a greater likelihood of fraud.
- If a sale seems too good to be true, it just might be. Contact Fidelity before shipping anything. We can help validate the legitimacy of the cardholder info for you.
Call one of our professional Fidelity associates to learn more about fraud protection.
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