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Digg it UP - An Efficient Checklist To Prevent Fraudulent Transactions
Contract electronics manufacturing service or EMS providers typically work with customers in a wide range of industries with differing requirements for inventory control, testing, product packaging, and product support. In some applications, the EMS provider simply assembles the printed circuit boards and then ships the boards to the customer. In other applications, the EMS provider will assemble the printed circuit board, load firmware/software into memory, test the board, and then assemble t
3. Monitor the IP of your transactions: If you have IPs originating overseas, yet the address mentioned either in the billing or shipping address is local, then it is highly likely that this is a fraudulent transaction. Have a s
In order to succeed in business, regardless of whether it is online or offline, there are two vital priceless elements needed. Today, 95% or more of new businesses fail because these elements are missing. What are they? Those elements are passion and a start up visionary prolific plan. With all the planning in the world, if you do not have passion, you will not have the enthusiasm or desire needed for achieving a task or completing a project as better than ever as a high chance probability.If you're an online business, then probably you've been introduced to the underground of the e-commerce: Online Fraud. This article lists the best ways to prevent fraudulent transactions.
You have this great product, you advertised it well, and you revamped part of your website just to accommodate this particular product. Transactions begin to flying in and you're quite thrilled. Few weeks later, you suddenly start dealing with a major waste of time and money: chargebacks and/or returned checks. You discovered that the reason of chargebacks/returned checks was that the credit card/bank account was compromised. The only solution that you have is to return the money, and to forget about the product that you probably shipped (in case of a physical product). You ignored online fraud, you learnt your lesson, but now what?
Worry no more, here is a small checklist that you can implement to prevent fraudulent transactions:
1. Never allow direct debit transactions on your site: Direct debit, a simple technique where you can just debit any account (mainly in the US & Canada) by simply knowing the account # and the routing # is more susceptible to fraud than any other type of online transaction. Think about it, you just have to know the account # and the routing # of a person just to debit his account, you don't even have to know his name, his address, or anything else for that matter, just his account # and routing #. Payment gateways only check for these 2 and ignore all the other information that they receive about this account (including the name and the address).
2. Don't use AVS, use CVV: AVS is extremely unreliable and at many times there's no verification against it. On the other hand, CVV is very reliable, as usually the person purchasing has to have the credit card on hand in order to make the purchase. However, always ask for the full address of the person, you might need it in case you are suspecting fraud.
3. Monitor the IP of your transactions: If you have IPs originating overseas, yet the address mentioned either in the billing or shipping address is local, then it is highly likely that this is a fraudulent transaction. Have a s
You are a spokesperson for your company, representing it for public speaking and media interviews. You are going about your everyday affairs, granting media interviews on a new product or service your company launched or a timely topic of general interest. All is going well and a Hispanic media representative calls. What should you do?Should you respond to the request as you do with other general market requests? If you are wondering about the reach and importance of Latino media and La
Worry no more, here is a small checklist that you can implement to prevent fraudulent transactions:
1. Never allow direct debit transactions on your site: Direct debit, a simple technique where you can just debit any account (mainly in the US & Canada) by simply knowing the account # and the routing # is more susceptible to fraud than any other type of online transaction. Think about it, you just have to know the account # and the routing # of a person just to debit his account, you don't even have to know his name, his address, or anything else for that matter, just his account # and routing #. Payment gateways only check for these 2 and ignore all the other information that they receive about this account (including the name and the address).
2. Don't use AVS, use CVV: AVS is extremely unreliable and at many times there's no verification against it. On the other hand, CVV is very reliable, as usually the person purchasing has to have the credit card on hand in order to make the purchase. However, always ask for the full address of the person, you might need it in case you are suspecting fraud.
3. Monitor the IP of your transactions: If you have IPs originating overseas, yet the address mentioned either in the billing or shipping address is local, then it is highly likely that this is a fraudulent transaction. Have a s
In recent years the opportunity to extend your influence, develop connections and build relationships beyond your immediate circle of associates, colleagues and friends has been made a lot easier thanks to the development of multiple online networks and the proliferation of clubs, societies and groups on your doorstep. Indeed, just in the last month, three new "networks" have launched in my town creating three new opportunities for me to eat breakfast, lunch and dinner with local business owne
1. Never allow direct debit transactions on your site: Direct debit, a simple technique where you can just debit any account (mainly in the US & Canada) by simply knowing the account # and the routing # is more susceptible to fraud than any other type of online transaction. Think about it, you just have to know the account # and the routing # of a person just to debit his account, you don't even have to know his name, his address, or anything else for that matter, just his account # and routing #. Payment gateways only check for these 2 and ignore all the other information that they receive about this account (including the name and the address).
2. Don't use AVS, use CVV: AVS is extremely unreliable and at many times there's no verification against it. On the other hand, CVV is very reliable, as usually the person purchasing has to have the credit card on hand in order to make the purchase. However, always ask for the full address of the person, you might need it in case you are suspecting fraud.
3. Monitor the IP of your transactions: If you have IPs originating overseas, yet the address mentioned either in the billing or shipping address is local, then it is highly likely that this is a fraudulent transaction. Have a s
Here’s a little exercise that will help you find your unique selling proposition.1. First, you need to size up your competition. Who are they? What are they selling?2. Now, let’s move on to your business. What are the features and the benefits of your product or service? List every last one you can think of. Remember, you are looking for benefits, not just features. A benefit is something your customers would find appealing about a feature of your product or service.
2. Don't use AVS, use CVV: AVS is extremely unreliable and at many times there's no verification against it. On the other hand, CVV is very reliable, as usually the person purchasing has to have the credit card on hand in order to make the purchase. However, always ask for the full address of the person, you might need it in case you are suspecting fraud.
3. Monitor the IP of your transactions: If you have IPs originating overseas, yet the address mentioned either in the billing or shipping address is local, then it is highly likely that this is a fraudulent transaction. Have a s
Frankly, most professionals don't give a damn about how to network, because they try and sell who they are and what they do based on past success - assuming this will open doors and business. However by selling rather than marketing, many people just simply walk away with no benefit or potential outcome. Consequently events become nothing short of boring and a general waste of time. I can see you nodding.On the other hand, some professionals enjoy networking, are good conversationalists
3. Monitor the IP of your transactions: If you have IPs originating overseas, yet the address mentioned either in the billing or shipping address is local, then it is highly likely that this is a fraudulent transaction. Have a small script to raise an alarm and halt the transaction in case the country where the transaction is originating from is different than the country where the client is claiming to be in. Your script also has to blacklist that IP so that your system won't process further transactions originating from this IP anymore. Keep in mind, however, that forging an IP is always possible.
4. Monitor the shipping and the billing address: As mentioned above, forging the IP is not very complicated, and there are tools to do it, so in some cases, the above method won't work. However, if you have someone whose shipping address is overseas yet his billing address is local, then this is another sign of fraud. Another sign of fraud (though sometimes it might be a legitimate transaction) is to have the name on the card different than the name of the person to ship the product to. Have another script to check for both cases. However, don't halt the transaction but just allow for manual processing after you contact the owner of the card.
5. Do not reveal your security measures: Revealing your security measures is not beneficial at all to your clients; on the contrary, it is very intimidating. On the other hand, the person committing the fraud might really appreciate your gentle gesture in revealing such information, as he/she will be able to figure out how to circumvent your security measures.
Although there are no guarantees whatsoever that you will totally stop fraud once you implement this list, you will for sure reduce it considerably. Implementing the above in our company reduced fraud to almost 0 transactions/month (the last fraudulent transaction we had was about 4 month ago). Note that we had about 30/month before implementing t
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