Payment card fraud can occur as the result of fraudulent transactions, stolen merchandise, and fake refund requests. Other forms of credit card fraud are the result of illegal hacking. A payment gateway designed with security in mind is vital to prevent these types of fraud. Illegal hacking includes:
- Phishing – Posing as a bank or merchant employee or other individual in order to fraudulently obtain cardholder information. The information obtained is often used in identity theft, in which the hacker makes a fraudulent application for credit in the victim’s name.
- Pagejacking – Rerouting online transactions from a legitimate merchant website to a fraudulent site.
- Wire transfer scams – Making fraudulent wire transfer requests, such as advance fee scams.
- Merchant identify fraud – Establishing merchant accounts for fraudulent business.
It is important for merchants to do everything in their power to prevent data theft and protect customer transactions, including using a payment gateway, such as the Open Source Payment Gateway, that is built on a foundation of security. Open Source includes a full set of security features, including SSL encryption, PCI compliance, and 3D Secure, an added layer of payment fraud protection.
Call us to find out how we can help you protect your transactions.