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Why Are Fraud Management Tools So Essential? Is Your Business Safe Without Credit Card Fraud Management?

As criminals evolved their strategies, secure payment processing became a business necessity, Now more than ever before. In addition to following steps to become and remain PCI compliant, businesses must also consider other security methods to protect their customers’ sensitive payment data.

The same is true of Tokenization and point-to-point encryption (P2PE). These technologies are highly effective at preventing credit card fraud. However, they represent the bare minimum steps one should take to create a secure payment environment.

This is because the payment landscape continues to change so rapidly, with security breaches, identity theft and online fraud constantly dominating the news headlines.

Nowhere is this more apparent than in the United States — home to 25 percent of all card-based transactions and nearly 50 percent of all card-based fraud.

The situation will only become worse as EMV chip cards become mainstream in the U.S.  Although these chip-enabled cards are good at stopping in-store fraud, they offer little protection in the online world. This is precisely where credit card abuse continues to shift as thieves take advantage of the anonymity and speed that online shopping provides. In fact, experts predict online fraud to generate $6.4 billion in losses annually by 2018.

What steps can you take to protect yourself as fraudulent activity continues to surge?

BluePay’s Credit Card Fraud Management Services

In addition to following PCI standards and employing, tokenization and P2PE, we also provide our users with a range of advanced fraud management tools. These security filters allow you to detect credit card fraud faster within your payment environment.

For example, our:

  • Card Issuing Country allows you to only accept transactions from countries you deem trustworthy.
  • Geo IP Tracking filter allows you to block transactions made from specific countries.
  • Velocity filter helps prevent brute force attacks in which criminals test different credit card accounts in quick succession.
  • On-Hold filter allows you to pause purchases based on specific parameters you set up until you can manually check the flagged transaction.
  • CVV filter automatically matches the user’s three or four-digit card verification value with what the issuing bank has on file.
  • Negiative Datebase blacklist fraudsters by IP, email, or address.

Customized Fraud Management Services

The above fraud management tools can work using the default settings or,you can also customize many of these filters to suit your own business needs:

  • The Velocity filter, for example, can block a predefined number of sales within a given timeframe if they’re all for the same dollar amount or from the same IP address.
  • The Threshold filter allows you to configure minimum and maximum purchase amounts.

To see some of these fraud management tools in action, check out this quick demo.

And to better understand how these advanced features can make your business more profitable, contact our payment fraud team today.

Topics: PCI Compliance and Fraud Prevention

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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