LOUISVILLE, Ky. (June 29, 2010) - The Internet is the new at-home marketplace. With the tools
to establish personalized websites and enable them to accept electronic
transactions becoming easier and more available each day, e-commerce is
constantly growing. Likewise, recognizing that the modern consumer does a
growing amount of communications and shopping via the Internet, major
corporations are also relying more heavily on online ordering to supply a
substantial amount of revenue. Unfortunately, the rise in faceless,
card-not-present (CNP) online transactions has given way to an incredible
amount of electronic payment fraud.
Electronic payment fraud affects the largest Internet-savvy
conglomerates to the smallest of online businesses. In response, several
branches of the United States federal government have taken action in order to
further the cause of the electronic payment security industry. The Federal
Trade Commissions (FTC) Red Flags Rule is scheduled to go into effect in December of 2010,
standardizing mandatory fraud prevention efforts of all applicable U.S.
businesses. As such, businesses now need to make an important decision about
how to implement fraud prevention tools into their daily business transactions. In this article, well
explore three important concepts to keep in mind when choosing the fraud
prevention tools that are right for your business.
Ease of Use
In both consumer interactions and transactional efficiency,
ease of use is a major component of the success of business software. In terms
of fraud prevention tools, this means not only should the process of identity verification be easy for employees to use when registering and processing
customers, but also fast and simple enough that a thorough identity
verification process can be completed without deterring the customer from
completing the transaction. Ideally, fraud prevention tools selected by your
business should be able to return multiple data values from reliable sources
with only one efficient lookup.
Ease of Integration
The online consumer shops in cyberspace primarily to avoid
the inconveniences of brick-and-mortar shopping. Therefore, to ensure
successful completion, online transaction interfaces should be as convenient
and unobtrusive as possible for the end-user. For businesses, fraud prevention
tools should integrate into pre-existing security measures or transaction
interfaces in order to maintain efficient daily sales and minimize delays due
to upgrading, maintenance or training. When properly integrated and configured,
both consumers and employees should be able to interact with your business
fraud prevention tools quickly and easily.
The Red Flags Rule is just one of several federal mandates
that American businesses are obligated to satisfy in the name of due diligence.
Fraud prevention tools, when implemented, should perform as many mandatory
procedures as possible to minimize business need for multiple platforms.
Ideally, fraud prevention tools should be specifically designed to help
businesses reach compliance with any applicable federal regulations while
maintaining the ability to optimize the end-user and employee experience.
Electronic Verification Systems, an industry leader with
more than 10 years of data provision and fraud prevention
experience, specializes in integrating fraud prevention tools into established
business security structures. If youre concerned about staying protected
against corporate fraud both online and offline or you want to reach compliance
with United States regulatory bodies, we can help. We can implement
comprehensive fraud prevention tools seamlessly into the end-user experience
for the very best in security and customer satisfaction. Contact us today at