When starting out your business, you wouldn’t consider online fraud as a problem when you process multiple transactions in a day. But according to a research, online payment fraud is especially problematic in Southeast Asia. However, as business owners, you can access fraud protection by partnering with the right payment gateway provider.
How Payment Gateway Mitigates Fraud?
With ecommerce evolving rapidly, businesses of all sizes need to re-evaluate the tools when it comes to fraud management.
Here are few fraud protection measures payment gateways used to minimize fraud related losses:
1. Risk Management Solution
Integrate an innovative engine to provide online merchants with a capability to detect potentially fraudulent transactions and illegal activities.
2. Payer Authentication
It is also called two-factor authentication (2FA) where the buyers need to enter a one-time-password (OTP) that the banks sent to their registered mobile number.
3. Card Tokenization
The cards will be encrypted and stored in a secure environment that is PCI DSS certified – so buyer’s payment info is locked down and will be meaningless to fraudsters.
Cybercriminals are evolving and perfecting their methods all the time! Businesses have to implement defensive measures against fraud not only to avoid financial losses but will also help protect your company’s reputation.
Finding a payment gateway that cares about security and has efficient fraud protection can help improve your sales and stay away from fraudsters.
Discover a safer way to accept payments and reach out to our experts at firstname.lastname@example.org today!