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5 Tips to reduce card not present (CNP) fraud
Digital technologies are advancing these days
which cater to the needs of customers when they
want to purchase a product online. As a result,
card not present (CNP) transactions are
increasing because it provides ways to make
payments by gathering the data only. At the same
time, they involve high risks and need high
protection from risks. Retail stores should know
how to minimize them effectively that will help
build the reputation among cardholders to a great
extent.
Here are some tips to follow to reduce card not
present fraud problems.
1. Collecting all the details of customers
Merchants should consider collecting all the details of credit
cardholders with more attention to prevent fraud significantly.
This is because they will help gain more knowledge about users
in detail that paves ways to refuse any suspicious payments with
ease.
2. Data enrichment
Data enrichment is a process that mainly focuses on taking single
data points for aggregation purposes. By doing this, merchants
can avoid suspicious discrepancies that will help avoid financial
losses. Delaware merchant services aim at fulfilling the needs of
clients when they want to track the data of cardholders with good
analytics. They even show ways to protect data from fraud and
other problems when it comes to CNP payments.
3. Following the best data protection practices
Retail stores should consider following the best data protection practices
for CNP payments to prevent fraud. Encrypting data with Delaware
merchant services is less likely to fall into hands of fraudsters enabling a
business to gain more advantages.
4. Keeping an eye on unusual behavior
Merchants should keep an eye on unusual behavior of credit cards with the
most advanced technologies. Delaware merchant services offer solutions for
safeguarding the data from identity theft and other issues to lower potential
threats. Those who want to implement the safety measures can hire them for
meeting essential needs.
5. Asking for extra authentication
Retail stores and online should consider asking extra authentication from
authentication while processing CNP payments. Delaware merchant services
work closely with business clients to evaluate their requirements in credit card
processing. This, in turn, gives ways to run a business without any hassles.
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