If you think online payments are just about credit and debit cards and so on then you have many more coming each year. The past decade has seen great many means of payments and money transactions. These different methods that come into market each year are always accompanied by novel types of frauds. So, when you want to make a payment using a new method you have to be doubly sure that you choose the tested one rather than take the risk of trying it yourself. The international merchants should be aware or depend on someone who has the capability to deal, manage, challenge and fight these frauds.Survey about fraud management
One survey has come up with ways the companies deal with new fraud issues. A majority of them believe out of experience that a partnership with an online payment fraud expert is important in keeping ahead of threats. Some companies use proprietary and third party fraud detection tools that offer comprehensive protection against online threats. Online threat is not a localized problem and fraudsters are becoming increasingly sophisticated by the day. No longer do in-house fraud prevention solutions suffice in keeping fraudulent transactions under control and acceptable level. Online payment processing companies deal with the modern fraudsters, operating globally, through sophisticated, real-time and near-real-time screening solutions utilizing in-depth understanding of global fraud patterns and behaviors.
Account takeovers
Of the many known attacks the account takeover attacks are considered the worst in terms of the way it controls customers’ account. It indeed has a long lasting effect on the customers and can drain their wealth and make it embarrassing for your company. It is quite challenging to protect your customer’s account from a wide range of account takeover attacks and you need to have a complete knowledge of customer’s identity and behavior of other users to offer complete protection. One way of building a solid wall against fraud is by building profiles thereby leveraging normal and abnormal usage patterns to differentiate between frauds and returning customers. Precise tools are available both proprietary and third party to deal with much more challenging situations such as the deployment of botnets. The activities of these can be identified by looking at their behavior on actual web pages. Also these tools are used to find malware infestations on a legitimate user’s device to warn customers against transacting with a compromised device. It is becoming increasingly difficult to manage online payment fraud as the ways and means of committing it has become more complex as customers globally use multiple devices while engaging across multiple channels. Merchants with inadequate data insights lead to fraud and loss. Payments processing companies that use fraud prevention tools carryout invalid transaction rejections and improves the efficiency of your fraud management process and save customers money.
For your payment processing requirements:
Do browse through http://tmg-360.com/ for all your payment processing support that include Credit Cards Processing, Debit Cards Processing, Check Processing, Gift Cards Processing, Recurring Bill Processing, ATM Processing, and Ecommerce needs. For 24/7 customer support you may call 888.415.0004.