Observing the 'basics' to prevent fraud or misuse of Credit Card

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 31, 2009 -- Vigilance is the key that can prevent identity theft to a very large extent, online businesses that accept credit cards do not have an organized mechanism to check on the credit card numbers used for online payments, and as a result many of the frauds take place on web stores, where merchant accounts can be manipulated.

Processing credit cards online by payment gateways is approximately a 3-minute process, involving a merchant web site and the payment gateway that handles the merchant account, there is no third party involved in the credit card payment system.

If an agency is hired that would screen an online credit card transaction and alert a merchant on any fraudulent representation, internet credit card fraud could drop by about 80 to 90%, this would save the merchants from charge backs plus genuine credit card owners will feel more secure making an online credit card payment.

Many online stores sell products which have obviously different pricing, ranging from $1 to $1000 dollars; different security parameters need to be attached based on the price of the product, the security providing agency will have to monitor to check if the product being ordered by a customer meets the security criteria set by the merchant owner.

And if not, the transaction can be flagged for a manual verification such as calling the customer on the telephone number listed in the billing address and verifying the number available with the credit card company. These verifications will go a long way in safe online payments.

This is just one security feature that can be provided by the 3rd party agency; there are several others steps which can be adopted to secure internet businesses from credit card fraud.

http://www.merchantrms.com

credit card fraud     fraud prevention     identity theft protection     reduce chargebacks