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Storage-Based Methods
Once
order information reaches payment gateway, it must be securely stored in order to reduce risk of “hackers” gaining access to confidential information via Internet.
When securing credit card information, most payment gateways encrypt (secure) entire database. The problem with this approach is that, if database is compromised, a hacker can gain access to potentially thousands of credit card numbers for fraudulent use. With EasyPay123, each transaction is individually encrypted using patent-pending security technology. Even in unlikely event that one transaction is compromised, all other transactions remain secured. In addition, when using EasyPay123, credit card numbers are stored only on EasyPay123 system as opposed to being in merchant’s database where security measures may be more difficult to implement. As an additional security method, only last five digits of a credit card number are viewable through EasyPay123’s Reporting Tool, Merchant Services or email and response notifications.
EasyPay123 also enforces a rigorous password policy in order to restrict access to sensitive data only to authorized individuals. Passwords are changed on a regular basis to further enhance password protection. It is important that you choose a password that will not be easy to guess and keep it in a safe place to eliminate risk of others gaining access to your data.
Using Sound Business Practices
Although there are many technological tools available in fight against fraud, one of best tools available is good business discipline and judgment.
A number of good business practices can help reduce fraud:
(1) Spend time validating each order, particularly ones where shipping and billing addresses are different or where email address is from one of free email services (2) Ask for complete information at time order is made (3) Be extra careful of overseas shipments (4) Don’t ship to PO boxes (insist on a physical address) (5) If you’re unsure of anything, call customer directly
Summary
No single method of fraud prevention is foolproof. The key to fraud prevention is to leverage appropriate technology and apply sound business judgment to all transactions. If you have any questions about process, please call us at EastPay123 toll-free at 866-438-8767.
About EasyPay123
EasyPay123 is a leading supplier of payment processing solutions to businesses across North America. Offering world-class solutions at affordable prices, EasyPay123 helps merchants simplify process of acquiring, launching and using payment applications to improve way they do business. Visit us at www.EasyPay123.com.
For a description of some of e-commerce terms used in this article, please visit our online glossary at www.EasyPay123.com.
If you found this article helpful, you may wish to request one or more of other articles in EasyPay123 series by visiting our website. Articles in this series include:
Understanding E-commerce Transactions How Transactions are Processed Getting Merchant Accounts How to Design and Build Payment Applications How to Choose a Payment Gateway How to Pick a Shopping Cart Preventing Online Fraud Gaining Visibility for Your Website Understanding Wireless Payments
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