The most frustrating part for online vendors is fraudulent payments. Fraudulent payments are those payments which are done by a person who uses someone else credit card to purchase goods or services. The vendor might lose his online merchant account once his acquiring bank finds it too risky to keep his account live. The customer who finds his credit card been stolen becomes worried about using his credit card online and might be asked to go to the police and explain how his card might have been stolen.
Therefore online vendors must use an HTTPS payment page to prevent sniffing of their clients’ credit card numbers. They are prohibited from keeping their customers’ credit card data in their data servers. Online vendors must use only 3D secure payment solution to avoid liability shift in case of fraud transactions.
Online vendors should instruct their customers on how to keep their credit card information safe.
These instructions must include the following information:
1. Not to click on email links from anyone that looks like their bank, credit card company, or other business who uses their personal information, even if the email looks legitimate. These links are often phishing scams and the scammers want to trick them into entering their login information on their fake website. Instead, the instructions should be to enter directly to that business’s website and login to their account.
Report Lost or Stolen Credit Cards Immediately.
2. Once your customer finds out that his card has been stolen he must report, ASAP, to his issuing bank to cancel their credit card and prevent fraudulent charges.
3. Reporting their lost or stolen credit card as soon as possible lowers the likelihood that
4. Their customers should not toss their credit card billing statements directly into the trash but shred them to keep dumpster divers from getting their hands on their credit cards.
