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Finding Ways To Keep Up With Options

Countermeasures to Combat Cardholder Fraud

Globalization has turned the world to be a small village with many businesses transacting business activities around the world from different locations. Therefore, these a demand on businesses that transact business across the world to change the payment methods that they use. Due to the distance, the businesses required to change the method of payment for instance from the barter trade methods to methods that can be accessed quickly across the world. Electronic payment methods are one of the results of the demand to change the traditional methods of payment. Nowadays, individuals also can use different electronic methods of payment if they purchased items from different shows both online and physical shops. For instance, you can make an electronic payment using a smart card, mobile payment, credit card, debit card, a check to name but a few.

One challenge people are found with electronic payment is that it is hard to protect your money from the electronic devices. It has been proven with many cases being reported of people who have been a victim of electronic money fraud such as credit card or debit card frauds. In many cases you can lose your card and also other personal details in the same bag meaning the person who finds the back can conduct transactions on your behalf without your knowledge.Other cases may involve skimming, checker, account takeover, application frauds to name but a few. There are many studies that have been done to help in combating the cardholder frauds. Below are some tips on combating cardholder frauds.

The company that issues the card as a part to play in combating the cardholder fraud. The company should come up with fraud detection and other processors to help in combating the card frauds, for instance, Andrew Phillips Cardflex processors. For example, there are software is that can be installed to ensure that it is possible to notice unusual patterns during transactions hence the raising a red flag.

Additionally, the merchant also will have a role to play in combating the cardholder frauds. For instance, to ensure that the right person is transacting the business with the merchant, it is important to ensure that request for additional personal information such as the card security code, ZIP and also the pin. Additionally, be sure use reliable authentication if indirectly can use PayPal, but directly you can use MiiCard.

It is upon you as a cardholder to report if the card is stolen or you lose it. As a cardholder, it is important also that you regularly check the charges and any notification of the unapproved transaction.