In recent months, as result of several highly publicized breaches with major retailers, the payment card industry has experienced some additional scrutiny. It’s left many merchants reviewing the security of their payment data systems and proactively looking at how to best protect themselves from potential losses in the event of a fraud.
For many, the idea of implementing a system designed to assist with fraud protection can seem overwhelming. This is especially true for smaller merchants who are often unable to pay the high costs generally associated with the more robust fraud prevention solutions.
CardNotPresent.com recently published an article regarding this very issue, citing that many merchants have begun turning to the Card Brands directly to make use of their tools offered to assist merchants (many are free while some have fees that may apply). Knowing and taking advantage of these types of tools is an easy, cost effective way to implement helpful fraud tools and help mitigate your risk. These tools include expert monitoring systems, AVS and CVC verification, access to teams at the Card Brands designated to verify the legitimacy of suspicious charges, as well as many others.