Online merchants are prospering as consumers increasingly take to their computers and smart phones to shop — that’s the good news.
The bad news is that cyber criminals are following online money like sharks following blood. According to the most recent LexisNexis® True Cost of Fraud℠ Study, eCommerce merchants are among the hardest-hit by rising fraud losses and associated costs. Experts blame it in part on massive data breaches that have flooded the black market with stolen card numbers.
Fortunately, there are steps you can take to reduce your risk of online payment fraud. It starts with an understanding of the signs of potential fraud. In particular, Visa® suggests that online merchants look for the following:
5 Steps to Follow
If being aware of the red flags of fraud is the first step, the second is adding some concrete steps to your online payment process. Here are 5 steps to consider:
Protect Your Data
With data breaches on the rise, protecting your customers’ valuable payment card data is more important than ever. Clover® Security Plus is designed to dramatically reduce risk by encrypting and protecting sensitive cardholder data at every stage of the transaction — while it’s in transit, in use and at rest. PNC Merchant Services also offers Payeezy℠ Gateway, a merchant processing payment gateway solution that provides the highest level of cardholder data security, including 256-bit encryption. By acting now and upgrading to Payeezy℠ Gateway, you will be eligible to receive an extra layer of security delivered through TransArmor® Data Protection tokenization to help protect data at every transactional processing stage. TransArmor Data Protection is included with Clover Security Plus, but you must upgrade to Payeezy Gateway in order to take advantage of this additional security layer that can significantly reduce your risk to data security issues.
Visa is a registered trademark of Visa International Service Association and used under license.
The Clover® name and logo are owned by Clover Network, Inc., a wholly owned subsidiary of First Data Corporation, and are registered or used in the U.S. and many foreign countries.
Payeezy Gateway is a registered service mark of First Data Corporation.
TransArmor is a registered trademark of the First Data Corporation in the United States and other countries.
All other trademarks, service marks and trade names referenced in this material are the property of their respective owners.
Merchant Services provided by PNC Merchant Services Company and are subject to credit approval. PNC Merchant Services is a registered trademark of The PNC Financial Services Group, Inc.