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News: Online Payment Fraud Approaching Rate for Stores, Study Says

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    News: Online Payment Fraud Approaching Rate for Stores, Study Says

    Article:
    Online Payment Fraud Approaching Rate for Stores, Study Says
    Source: Internet Retailer

    Snippet:
    "48% of online retailers say they their chargebacks for fraudulent purchase transactions is less than 0.1% of sales, matching the card-present chargeback rate experienced in physical stores, the Merchant Risk Council reports in its Fifth Annual Survey."

    Talking Points:
    Have you seen an increase over the past year in fradulent activity? What steps do you take to minimize fraud? Any tips to share with your fellow merchants?

    #2
    Our clients don't experiance much in the way of direct fraud...their biggest concern is getting hit for transaction fees when folks use their site as a "credit card number" checker. That is, they run scripts or manually try to process card numbers through their gateway. One client got hit with $3,000 worth of charges (talked them down to 1300...but still) before they knew anything about it.

    Installing <a href="http://www.modulestore.com/qwkguard-miva-merchant-module.html">QwikGaurd</a> solved 99.9% of the problem.

    The key is that you never know this is happening until you get your Bill!!!
    Bruce Golub
    Phosphor Media - "Your Success is our Business"

    Improve Your Customer Service | Get MORE Customers | Edit CSS/Javascript/HTML Easily | Make Your Site Faster | Get Indexed by Google | Free Modules | Follow Us on Facebook
    phosphormedia.com

    Comment


      #3
      We print out a pending transactions list from Verisign every morning. Anything that looks funny, high charges, multiple denials and then a success, etc. gets a second look.
      We also use OpenUI to put time-outs between multiple card attempts, and require CVV. Those two options have almost eliminated bulk card fraud completely.
      -------------
      David Pontius
      IT Manager
      http://www.shopnatural.com

      Comment

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