| |
| |
|
Credit Information |
|
|
|
How To Prevent Fraudulent Credit Card Transactions
What Are Possible Signs of Fraudulent Transactions see at Web Hosting Companies?
AMEX, VISA, and MasterCard implemented a security feature known as "CVV2" and "CVC2". These are the three-digit or four-digit numbers printed on the back side or front side (depending on card company) of the card (signature panel) to the far right. The three/four-digit code helps to validate that the cardholder has the card in his possession. You can include the code in your transaction processing and need to receive a match to successfully complete the transaction. If you are using a shopping cart for your hosting sign-up process, make sure that it is capable of collecting and processing these numbers. IMPORTANT: The ToS of the credit companies state that you are not allowed to store these numbers. Use Address Verification Service (AVS) on all US transactions to verify the billing information provided in the order with what is on file with the card issuing bank. As a bare minimum, the zip code should successfully match before the transaction is approved and you hand out the account information. You should retain the response information for some time in case of a chargeback. The possible AVS messages are: Y - Exact match on street address and 5 or 9 digit zip code. A - Address matches, zip code does not Z - zip code matches, address does not N - No match. U - Address information is unavailable or Issuer does not support AVS. These transactions are only applicable for Visa and the merchant isn't responsible for chargeback liability. R - Issuer authorization system is unavailable, retry later E - Error in address data - unable to complete check. G - non-US Issuer not participating in AVS - Visa only. The error messages will vary from one provider to the next. Contact your provider for more information. S - Address information is unavailable or Issuer does not support AVS - MasterCard only. The most important warning sign of fraudulent transaction are international orders. It is very sad to be so generic with this statement but the percentage of having a fraudulent orders goes up immediately if the order comes from a non-US location. Be aware of cities or countries with high rates of fraudulent transactions. Malaysia, Indonesia, and most countries of the former Soviet Union tend to be source of many fraudulent orders. The most effective way to help eliminate fraud or chargeback's is to simply call the customer. A confirmation over the phone is most definitely advised for any large transactions. If you process a fraudulent transaction, not only do you lose the funds, but the product/service as well. A phone - even if it is international will save you a lot of hassle in the long run. What if you find a transaction to be suspicious? Contact your authorization center and let them know you are concerned about the transaction. They will look at the transaction and may give you advice. You should also call the customer to request additional information (copy of drivers license or Passport as an example). Check the IP address of the sign-up and see where it is globally. Does it matches the customers address at least by country? Send a confirmation email to the customer verifying their order. It may be a good policy to only accept orders with identical Customer and billing addresses. Maybe you want to scrutinize international orders as your protection against these consumers is very minimal and not accepting them could be a wise choice for your web hosting business. Placing fraudulent notices, buttons and images on your web site and order forms will help discourage any person trying to place a fraudulent order. Make sure that the customer will se upfront that you are recoding the IP address and that you will notify the law enforcement agencies if needed. It might not protect you in every case but eventually it will help to cut down the number of fraudulent orders. This article can be published by anyone as long as a live back link to http://www.webhostingresourcekit.com is provided. About The Author Christoph Puetz is a successful small business owner (Net Services USA LLC) and international author. Guides, Tutorials, and Articles for small businesses - http://www.webhostingresourcekit.com
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Credit Cards - A Blessing or a Curse? Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. Credit Trap: What They Dont Tell You About Credit Cards In College In industrialized nations, going into debt starts early. It's easy for an eighteen-year-old to get credit cards and fall into debt, especially if they're headed for college. 7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit There are seven consumer credit laws you should be aware when dealing with your credit.1. Credit Repair, How To Credit repair, is in a word, vital to reestablishing your credit. Unless you plan to never use your credit again, then you have to find a way to fix it. Identity Theft - Guard Your Childrens Social Security Numbers Identity theft is a growing concern among Americans, and rates among the top five complaints received by states' Attorney General's offices. A stolen identity can lead to tens of thousands of dollars worth of debt in the victim's name and it can take years to completely undo the damage done to the victim's credit report. Online Credit Report and Online Credit Reports Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go on the Internet and look at your online credit report. Everything You Always Wanted To Know About Your Credit Report Your credit report is a very powerful report that essential controls what you can and cannot do in your life. Unfortunately many people aren't aware of what a credit report actually is and what information is contained on the report. Credit Score: The Brightest Feather In Your Financial Cap Credit scores are the most important aspect that determines your financial future. Carrying a good credit score is an asset and can pave your future towards greener pastures. Good Credit Is a Necessity for Everyday Living Most of us want a good credit report to obtain vehicle financing, credit cards for emergencies and luxuries, and to finance a home mortgage. However, beyond these consumer loans, a great credit report makes your life easier. What is the Check 21 Act? Check 21 is the common name for the Check Clearing for the 21st Century Act. It's new legislation that was recently passed by congress and made a law when signed by the President of the United States (remember "I'm just a bill" from Saturday morning cartoons). Teaching Students To Keep Out Of Credit Card Debt - The Parents Role Parents have the full responsibility for their children and their education. It is up to parents to teach their children what's right and what's wrong, how to conduct themselves as good citizens, how to cross the road safely and generally protect themselves from harm. Commercial Collections: Business Finance Booster Shot Commercial collections: fixture of the new B2B cultureIf you're in the business-to-business field, or even if you're a consumer products business that works through third-party distribution channels, you probably know what it's like to check your mail anxiously each day, sifting through all the bills for that payment that was supposed to have been in months ago.It wasn't supposed to be like this. How You Can Help Prevent Identity Theft How can I prevent Identity theft from happening to me? Never leave your receipt or slip in the ATM or gas pump. Pay attention to your habits, lock up or organize and file your bills, and bank statements. Protect Yourself Against Identity Theft Identity theft is when someone uses, without permission, your personal information in order to commit any frauds or crimes. Identity theft is a felony that is becoming more and more common. Its Your Credit - Take Care of It! Thanks to the Fair and Accurate Credit Act, American consumers can receive a free annual credit report from each of the three major credit bureaus-Experian, TransUnion and Equifax. You can order your free credit report by visiting www. Common Credit Score Myths A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing. Ten Steps To Building A Good Credit History Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what's on your credit report will determine if you can get a loan or insurance and what rates you'll have to pay.If you're trying to build or repair your credit history, you have a daunting but not impossible task in front of you. Can Credit Search Entries Affect Your Ability to get Approved for a New Loan in the UK? About Search Entries:Every time a lender checks your credit history from your credit file (i.e. Useful Tips On Avoiding Credit and Charge Card Fraud Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. Credit Counseling -- Why It Doesnt Work For Most Debtors "Cut Your Payments in Half!" the headline screams. "Consolidate Your Bills into One Low Monthly Payment!"When you see ads like this, they are often from Credit Counseling firms.
|
| home | site map |
| © 2008 |
Comment by Marshal Cohen