Chargebacks are something that most of us would rather live without. With the change to EMV and the subsequent decrease in Card Present Fraud, Fraudsters have had to get more creative. As a way to help you keep on top of your data security, here are 3 simple ways to prevent chargebacks.
1. Stay Informed
Information is power. Keeping current on trends will help you know how to identify threats. There are several sources where you can find out what's going on in the market. One example is the Consumer Credit Card Report from www.nerdwallet.com.
2. Use Secure Technology
With the migration to EMV, card present fraud became harder. Another example of advancements in payment security is Apple Pay and Samsung Pay that create unique single use transaction information. Using technology that encrypts, prevents duplication and secures sensitive data will help to protect your business from chargebacks and limit the damage in a data breach.
3. Be Alert to Suspicious Activity
It's not always apparent when someone is committing fraud, but when you notice suspicious activity (Larger purchases than normal, behavior outside the norm, etc.) it may be worthwhile to take extra precautions such as asking for ID to verify the name, Making sure the card is signed, matching signatures, etc.
If you have any questions or would like more information, contact us at (800) 644-3909 or at [email protected].
The Agapay Team