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Countermeasures to Combat Cardholder Fraud

The world has become a global village with businesses being transacted around the globe. Therefore, these a demand on businesses that transact business across the world to change the payment methods that they use. It is hard therefore to continue transacting businesses across the world using the barter trade payment methods hence the need to engage a different payment technique for businesses.After long-term of research and trying to come up with a new method of payment, the electronic payment method was found. The use of electronic payment method has become very useful even to individuals after the of purchased various items from online and physical shops because they can pay. Examples of electronic payments include the use of credit card, debit card, checks, money transfers, smart cards, mobile payments to name but a few.

One challenge people are found with electronic payment is that it is hard to protect your money from the electronic devices. It has been proven with many cases being reported of people who have been a victim of electronic money fraud such as credit card or debit card frauds. There are chances that people lose the card together with other personal details meaning that the person who finds the card can make transactions using your card. Other cardholder frauds can include skimming, account takeover, application frauds, checker to name but a few.There are many people who have tried to come up with the countermeasures to ensure that the cardholder fraud is combated for The following are the ways to combat cardholder frauds.

The company that issues the card as a part to play in combating the cardholder fraud. The company issuing the card can take a step of ensuring that they come up with processors and other mechanisms that can detect the card frauds for example, the Andrew Phillips Cardflex processors.For example, there are software is that can be installed to ensure that it is possible to notice unusual patterns during transactions hence the raising a red flag.

When it comes to the combating of cardholder fraud, even the merchant as a role to play. For instance, to ensure that the right person is transacting the business with the merchant, it is important to ensure that request for additional personal information such as the card security code, ZIP and also the pin. Additionally, be sure use reliable authentication if indirectly can use PayPal, but directly you can use MiiCard.

It is upon you as a cardholder to report if the card is stolen or you lose it. As a cardholder, it is important also that you regularly check the charges and any notification of the unapproved transaction.