Lax security and payment complexity leaves small firms stung by online payment fraud
Insufficient security checks and the complexity involved in taking online payments are leaving small firms exposed to payment processing fraud, the Forum of Private Business is warning. In order to prevent losses by spotting potential fraudulent activities early the Forum’s adviser on merchant services, Richard Bradley of Accept Cards, is urging businesses offering online payment services to put in place regular processes scrutinising orders using statistical information provided by online payment providers.
“Minimising credit card fraud takes time but, above all, it is important to acquire an e-commerce payment gateway that is secure, using supplementary security modules provided by the major credit card companies.”
“Basically, these two features request an additional password to be entered along with the credit card details of the cardholder. Fraudsters will usually have the name, address and credit card number only so using payment gateways that support these can be an effective way of minimising risk.”