Article: Five Ways to Secure Credit Card Processing
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"Secure Credit Card Processing is of Paramount Importance"
According to the Nilson Report, the number of fraud losses on credit, debit and prepaid cards hit $6.89 billion, up seven percent in 2009 and the number of U.S. identity fraud victims rose twelve percent last year. These statistics are cause for concern for any business owner that wants to protect themselves and their customers, that's why these extensive steps are taken to ensure the safety of every valued client.
1) Card Code Verification: The Credit Card Code (CVV2) is a three- to four-digit security code that is printed on the back of all credit cards. When the user enters their CVV2 code they are ensuring that they are the rightful card holder. If the code does not match, transactions can be rejected.
2) Address Verification System: The Address Verification System (AVS) is a verification system that compares the billing address information such as the street address and zip code provided by the customer on line with the billing address on file at the credit card issuing bank. If there is an mismatch, the transaction can be rejected.
3) By monitoring transaction batches daily prior to settlement, they are able to identify suspicious transaction activity or anything out of the norm.
4) By changing your password regularly, this prevents any unwanted visitors from hacking into your information.
5) An Advanced Fraud Detection Suite, a customizable set of filters and tools that help to identify, manage and prevent possible and fraudulent activity.
This post was contributed by Alexis Bonari is a freelance writer and blog junkie. She is currently a resident blogger at onlinedegrees.org, researching areas of higher education degrees. In her spare time, she enjoys square-foot gardening, swimming, and avoiding her laptop
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