According to research firm Financial Insights, online transactions that accept credit card payments could cost businesses as much as $60 billion in 2005. Credit card fraud is a kind of cheat where a merchant is "scammed" into releasing merchandise or rendering services, believing that a credit card account will provide payment for goods/services. The merchant who accept Visa/Mastercard later learns that they will not be paid, or the payment they received will be reclaimed back by the card's issuing bank.
Tips of anti-fraud for online merchants:
- If you accept Visa/Mastercard as payment processor, check the mailing address, postal or zip code, and phone number of the buyer to make sure that they are not cheat.
- Do not process the order if the buyer cannot be contacted by phone or the phone number is unreachable.
- Ensure you check the email address against their name on the credit card and reject to process orders from free email domains unless you have the proof of buyer’s identity.
- Verify their address if they are available by using address verification services before accept credit card payments.
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