Payment fraud has grown rampantly in the recent past. While fraud seems to be a main concern for customers, it is equally a key concern for merchants because this can translate to losing the trust of your customers and losing money for the business as well. In fact, the 2014 Global Fraud Study conducted by the Association of Certified Fraud Examiners or ACFE showed that over $3.7 trillion in losses are incurred due to card fraud. In order to do combat against these fraud-related losses, we at Nationwide Merchant Solutions offer a list of fraud management tools to help merchants.
What can fraud management tools do for your business?
Generally, fraud management tools, as the name implies, is a set of tools that you can use to control and manage fraud that may arise with your daily transactions with your customers and business partners. More specifically, it offers the following advantages:
- Preventing fraudsters from having the chance to test cards on your account
- Preventing transactions that fraudsters make from blocked countries
- Preventing them from entering amounts larger than your product or service cost
Fraud management tools can be customized according to your business needs
At Nationwide Merchant Solutions, we believe that your choice of fraud management tool should always stay customizable for your business needs. Here are some of the features you can customize:
- Use Address Verification Filter or AVS that will help compare the cardholder’s address on file and that of what is being provided during the transaction
- Include Card Verification Filter or CVF to help verify the three-digit verification code commonly found at the back of the credit card
- Deploy GEO IP tracking for the purpose of blocking specific countries using the provided IP address
- Enjoy On-Hold Functionality to allow you to review transactions manually according to certain filters
- Set Velocity Filter to prevent fraudsters from having the chance to test cards on your account or your client’s account
- Setting threshold to prevent these fraudsters from entering amounts larger than your product or service cost
- Accept only noteworthy transactions from a certain card issuing country
- Tweak your fraud reporting tools
At Nationwide Merchant Solutions, many of our payment solutions can be integrated with top fraud management tools in the market. There are many fraud management solutions flooding the market today but we have the expertise to provide the best advice on choosing the ideal set of software for your payment processing systems. Talk to us today and learn more. You can also benefit from a live demo at your business premises if you are situated within the Tri-State area.