6 Steps To Prevent Credit Card Fraud
John Waldron is co-owner of e-onlinedata, inc., a credit-card merchant-account provider. e-onlinedata assists thousands of ecommerce merchants with domestic and overseas credit-card transactions, and he offers the following advice for merchants who wish accept credit-card payments from international customers.
- Ask customer for fax verification. For suspect orders or large orders, ask the customer to fax the front and back of his credit card as well as a form of identification. This is better than a phone call.
- Call your credit-card processor. Your credit-card processor has a staff to assist you with questionable orders. Rely on their expertise.
- Analyze the order, and be skeptical. Why would a customer purchase, for example, 10 routers? Likewise, why would an overseas customer request overnight shipping?
- Overseas banks are different. Many overseas banks don’t support the card-code verification system, and they can’t verify billing addresses. Be aware, therefore, that these fraud-prevention steps may not help you with cards that have been issued from such banks.
- Do a BIN look-up. The first six digits of a credit card are called the bank identification number, or BIN. They tell you which bank has issued the credit card. Go to http://all-nettools.com/toolbox,financial, and enter these six digits. If the issuing bank is located in a country that is different from where the order is originating, you should investigate further.
- Purchase fraud-detection tools. Many credit-card banks and payment gateways offer effective fraud detection tools that are incredibly inexpensive. Use these tools.
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