Ecommerce merchants are putting all their efforts to protect their business from fraudulent payment processing. Often, eCommerce companies try too hard because of fear of fraud, which results in false declines. The latter is also called false positives and happens when a legitimate transaction is turned down. False Declines False declines are turning into a
In 2015, total card fraud taken globally reached $21.84, which is almost 21% higher than the numbers registered in 2014. This is according to The Nilson Report, the most respected newsletter covering the payment systems industry. The US losses associated with global card fraud made up 39% or $8.45 billion; spending volume accounted for only
According to the analysis a Silicon Valley anti-fraud technology provider, US merchants who are concerned about card-not-present fraud should pay attention to orders with billing and shipping addresses in the Southeast and Mid-Atlantic states. The software company examined over 1.3 million transactions from August 2015 to August 2016 and provided analysis for cities and states.
According to a new report, online shoppers don’t make Cyber Monday deals the way they did it in the past. A 2016 holiday shopping study by one of the leading international payment service providers shows that of 76% of US and UK consumers planning to shop online during the 2016 holiday season only 38% were
During the holiday season, gift cards are chosen by many people for their family and co-workers. You can purchase, send and redeem electronic gift cards more easily than traditional plastic gift cards. These cards are becoming more and more popular on mobile devices. However, it can be more challenging to detect fraud on e-gift cards.
Chargebacks can be described as disputes. Various issues can cause consumers to dispute the transaction. So a chargeback may be caused by a damaged product, or the customer may not have ordered the right thing based on the description of the product. Stolen cards and fraud can be another reason for a chargeback dispute. In
EMV chips cards are called to protect merchants from fraudulent transactions. Consumers can get more protections from EMV if the chips are used properly. However, both merchants and consumers still need more protection in several areas. Today, EMV chip cards are being used by less than 50% of all merchants. Larger merchants choose to swipe
Chargebacks have always been a big issue for payment processors, which is why Visa has a strict program in place to help tame the vice. Be prepared for even tougher times. With chargeback rates on the rise, Visa, in their latest update to the chargeback program, is adding an even stricter layer of rules to
In a public service announcement on June 14, 2016, the Federal Bureau of Investigation (FBI) gave an update on the cyberscams attacking businesses, known as the Business Email Compromise (BEC). According to the FBI, there has been a 1,300% increase in identified exposed losses since January 2015. In addition, this scam has led to $3.1
According to a new report by the European Commission, two-thirds of European digital content providers are blocking cross-border online sales into certain other EU member states. It was also estimated that 40 percent of physical goods retailers engage in this practice as well. What is geo-blocking? Geo-blocking is the practice of either blocking access to