Skip to main content

"Cardholder Not Present" is the Last Bastion of Credit Card Fraud

CVC2SampleVisa

This week the UK Cards Association announced that card fraud had fallen for the third year in a row, and was now at its lowest level for 11 years.

Much of this decline has been due to the concentrated efforts on on-line purchasing (including Verified by Visa and Mastercard SecureCode) and with the move to Chip and Pin.

The one area that is still causing issues is "cardholder not present" fraud - paying over the phone, internet or by post.

We're going to want to continue to use these payment methods into the future, and so the question is, how can businesses give their customers trust that their card details are not at risk?

There are two main ways this fraud takes place - one is hard to control and one is easy.

1. Stolen cards being used to make purchases. This is hard to control unless you put certain checks in place prior to accepting a payment. This might be require a photocopy of a utility bill or a call back to a landline for large payments.

2. Disgruntled employees obtaining and fraudulently using card details. This is easy to control using technology. Callers can be transferred to a PCI-Compliant payment solution, and transferred back to the agent once complete.

You might not be able to achieve 100% removal of credit card fraud from your business, but clearly explaining how you have removed the opportunity for your employees to be part of it will help improve your customer's perception of your brand.

How concerned are you about "cardholder not present" fraud? Have you implemented a PCI-compliant solution? We'd love to know your comments in the section below.

We hope you have enjoyed this post. If so please subscribe to the blog and share with your network!

Keep the Perspectives Coming!
Get our top articles delivered right to your inbox, every other week.

Please correct the fields marked above.

Confirmed!

We're delighted to begin sharing the latest articles from Perspectives---directly in your email inbox. Look for your first installment soon, and thank you for subscribing!

Recommended For You
Please fill out the form and we will be in touch with you shortly.

Thank You.
A specialist will contact you soon.

You can contact us any time by calling 1.877.862.2562 or email sales@vonagebusiness.com.

Get Started
Request a Free Quote

There was a problem with some of your entries. Please correct the fields marked above.

Thank You.
A specialist will contact you soon.

You can contact us any time by calling 1.877.862.2562 or email sales@vonagebusiness.com.