In recent times, global Internet traffic in Europe has increased, followed by an increase in the number of online transactions in EUR and USD. In proportion to this growth, cases of Internet fraud also increased. Moreover, not only ordinary users but also sellers have to deal with them: fraudsters, disguised as customers, pay for goods and services in online stores using stolen or compromised cards, after which the real cardholders demand a refund under the chargeback procedure. As a result, the seller loses not only goods but also money. However, they can protect themselves with Ethoca.
According to experts, fraud schemes will become more sophisticated in the future, so businesses should now strengthen the security of corporate resources. Secure transactions are one of the essential components of secure e-commerce and chargeback protection. Together with the Maxpay payment system, we will tell you what you should know about fraud in order to secure your business and customers when you open an account and operate online.
How to protect your business from scammers?
An anti-fraud system can prevent fraudulent transactions when making electronic agreements. Antifraud is a monitoring system that checks each transaction in real-time according to certain criteria. If this or that transaction does not pass the check according to one filter, the system will conduct a more thorough check, then either reject the payment or confirm it.
The development of such a system is extremely expensive, so most online services and online stores prefer to use the services of third-party contractors to accept payments that already have such systems. For example, Maxpay guarantees the proper chargeback protection utilizing Ethoca.
Let us tell you how Ethocaworks. Ethocahelps in Chargeback Protection via the following procedure:
- A client notifies his bank about the wish to get a chargeback from some company.
- If the bank belongs to the global network of Ethoca, it sends the issue to this system.
- In its turn, Ethoca notifies the merchant about this request.
- The merchant gets the notification immediately and can make a refund instead of a chargeback, promptly saving money and reputation.
Open an account and stay safe
When it comes to e-commerce security, the most important challenge for all online merchants is to securely store, process, and transmit their customers’ payment information.
Whether you work with a third-party vendor, rely on your own resources, or a combination of both, your security system must function effectively at all of these levels for your eWallet. Otherwise, an attacker will be able to take advantage of the vulnerability and implement one or another attack on the resources of your online store and eWallet.