Payment Processing Fraud Prevention

  • Fraud Prevention, Identity Verification

A payment processor is often a third-party company that handles credit card transactions; and nine times out of ten the company does not have the cardholder present. This can make id verification and fraud prevention a little trickier, so we have these suggestions to make your transactions safe.

  • Obtain authorization approvals for all transactions. The floor limit for all non-face-to-face transactions is zero and that means that you need to receive an authorization approval for every single one of them, regardless of the transaction amount.
  • Get the expiration date. Always have your customer to provide her card's expiration date. This is used as a way to verify that the customer is in a physical possession of her card during the time of the transaction.
  • Get the card security code. A person will not have access to this code unless they have physical possession of the card. While this will not completely eliminate fraudulent activity, it will deter it. Please note that you should never save card security cards in any of your systems this is forbidden by the Credit Card Networks and you will face penalties if caught.
  • Use the Resident Verification and History. This is a service we provide in our IdentiFraud Consumer solution, where we verify the address is in fact occupied by the person who says they are occupying it.