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Reduce Velocity Attacks on Your Merchant Account

Imagine waking up one morning to discover that a whole slew of fraudulent charges were processed within your business’s payment environment while you were asleep.

Although it may be possible to reverse these multiple transactions, you’ll need to invest time over many days or perhaps even weeks on the phone with your bank and credit card processor. You’ll also need to coordinate with victims to help them settle their accounts.

Even if you recover, you will have lost valuable time. Worse still, many of your customers will have lost confidence in your ability to safeguard their sensitive financial information.

You can reduce the frequency and severity of fraud by using security methods such as tokenization and point-to-point encryption. As criminals’ strategies evolve, however, the tactics we use to prevent new attacks must evolve as well.

This is why BluePay offers a host of fraud management solutions that provide you with even greater control over which transactions are allowed. One of the most popular tools in our arsenal is our Velocity Filter.

The Velocity Filter: a Primer

With the Velocity Filter, you can prevent thieves from rapidly testing multiple credit card numbers against your business’s merchant account. This powerful tool will automatically reject transactions made within a one-hour window — based on specific parameters you set.

What if business is absolutely booming? Won’t setting limits ultimately hurt sales? After all, the whole point of running an online store is to be able to sell around the clock.

Not to worry. The Velocity Filter provides granular control to ensure that legitimate sales keep coming in, and fraudulent ones get denied. It is among the most customizable fraud management filters, as it allows you to fine-tune five separate parameters:

  • Credit Amount. Hopefully, refunds are rare — but you can set a dollar amount limit for the number of credits processed by your system every hour.
  • Sale Amount. Set a maximum dollar amount for all sales that take place within a 60-minute window. You may need to adjust this threshold during the busy seasons.
  • Total Amount. You probably already have a good idea of how much total sales amount to per hour (on average). Set a limit slightly above that amount.
  • Transaction Count. With this filter, you can restrict the number of transactions every hour — regardless of the transactional dollar amount.
  • Transaction IP. Thieves often run multiple credit cards from a single IP address. With this parameter, you can easily flag such behavior.

Note that you can use the above parameters in tandem. Some of our clients only need to use the Transaction IP functionality. Others combine all of the above for maximum protection. Use whatever approach makes the most sense for your business, knowing that you maintain absolute control over each variable.

More Fraud Management Filters

The Velocity Filter is just one fraud management tool that BluePay offers. (You can see it in action by watching this video.) To explore all of our fraud management solutions, be sure to visit our overview page.

If you have questions about BluePay’s advanced fraud management services, contact our payment security team today.

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Welcome to the BluePay Blog!

Whether you're a small business, an enterprise corporation, a financial institution, or a software partner, we have created a series of blog posts to help you and your customers, learn more about the complex nature of payments. Take a look to learn how payments can help to simplify your business operation, and may even help to grow your revenue.

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