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Security
Fraud cases where scammers pose as bank staff or other institution employees to obtain citizens' banking information have increased significantly recently. Interestingly, the new fraud trend closely mirrors the steps of a genuine banking procedure.
Payment Systems
The Address Verification Service (AVS) is a fraud prevention system that, when used effectively, can help limit fraud and chargebacks. This post lists the AVS response codes used by AMEX, Mastercard and Visa, with a description of each.
Fraud
Contactless transactions have grown rapidly, but can a payment really be made from your wallet without your knowledge? Here is what the actual risks and safeguards look like.
Merchant & POS
Let's first look at chargeback and refund: a chargeback returns the amount paid to a credit card when goods or services are not received, or when transactions not made by the cardholder are detected.
E-commerce
Online shopping is a form of e-commerce in which consumers complete purchases over the internet using a credit card/debit card, bank transfer, or cash on delivery.
Merchant & POS
Winning customers is one of the most important things in business, but keeping them satisfied matters just as much. If you collect payments at regular intervals, such as monthly, these tips will help you improve the success rate of recurring collections.
Merchant & POS
Card storage is a system, secured with PCI DSS certification, for storing credit and debit card details safely. It saves consumers from entering their card details again and again on frequent purchases.
Chargeback
A chargeback is a dispute raised against a card transaction when the cardholder did not make it or does not recall it. The dispute types vary depending on the situation; let's look at them.
Security
Vishing is a method of deceiving the victim using voice. It replaces the "p" in phishing with the first letter of "voice," meaning "voice deception." It is reinforced by technology in social engineering cases to extract information more easily.
Merchant & POS
Banks check merchants against a termination list before issuing a POS device. Learn the main reasons, such as counterfeit card acceptance, excessive chargebacks, and fraud, that can lead a bank to terminate a merchant agreement.
Credit Card
It is a CVV2/CVC2 code that changes every few minutes instead of the static code printed on the back of a credit card, aimed at reducing fraud risk in CNP (Card Not Present) transactions.
Online & Authorization
EMV stands for Europay, Mastercard and Visa. In 1994 these companies formed a working group to set chip-card standards, leading to the EMV standards used worldwide today.