Fraud management tools have always been important within the payments industry. Yet with the growing popularity of online and mobile shopping, the landscape has shifted dramatically. Although customers now have the ability to purchase goods and services anywhere, anytime, on any device — this flexibility also has potential drawbacks. Card-not-present (CNP) transactions are at greater risk for fraud because merchants have to trust that the actual cardholder is authorizing the transaction, and sometimes that trust can be violated.
“Retailers stand to lose about $130 billion in revenue on fraudulent card-not-present transactions between now and 2023 as they fail to keep up with digital fraud detection and prevention measures, according to a new forecast from Juniper Research.”*
Although fraudulent transaction activity is on the rise, fraud monitoring tools can help you detect fraud faster, protect your business, and safeguard your reputation. Using fraud management tools helps prevent criminals from:
Depending on your payment provider’s fraud management options, choose the PCI-compliant data security filters that make the most sense for your business. Combine fraud management tools to benefit from the ultimate in data protection — while simultaneously reducing your PCI scope.
To learn more about fraud monitoring tools, schedule a free consultation with our merchant services team today.
* “Digital card-not-present fraud to hit $130B by 2023,” Retail Dive, 3 January 2019
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