Maintain Your Profits Using Online Fraud Detection
There are many things that are done online today
. This can range from finding a variety of services to ordering products on the internet today. Using online fraud detection is necessary to protect your business from the losses that will occur due to people who use fraudulent credit card information and bank account data to place their orders.
Services can be ordered online that might include internet services, consulting services and so on. Many organizations prefer that the services be paid for in advance and will request credit card information to receive the payments. However, today the use of credit card information that is stolen is becoming more and more common.
Businesses offer a variety of products and services online today. At the same time, hackers and spammers have been able to circumvent the use of traditional
online fraud detection programs such as CAPTCHA. While the use of CAPTCHA was effective for a short period of time, those who are using the fraudulent information have found ways to bypass these programs. As a result, the programs are no longer effective.
Using an
online fraud detection system that offers telephone verification has been shown to be very effective at deterring theft of information. By requiring the customers to enter their phone number is effective first of all because those who are using the stolen information do not want to be traced. The second step of providing a PIN that must be entered to complete the order is another step in stopping the use of stolen information for purchases online.
As the hackers and spammers become smarter, the programs used to stop them must also become smarter. Learning various methods of stopping them before the process of ordering is finished is effectively helping businesses reduce the losses associated with the use of stolen information such as a credit card number.
Those who are using the information do not want to enter their own phone number into the site for fear of being traced. Therefore many will simply exit out of the ordering process. If they do enter a phone number, it will not be one that they have access to. As a result, they will not receive the needed code and be unable to proceed with the ordering process.
Due to this, businesses find they are losing less money due to fraudulent information and maintaining their customers faith in their business as well. For a legitimate customer, the added step to ordering will be almost unnoticed. However, for a person who is entering fraudulent information, the step will be one that stops them in their tracks.
by: Dexter Felton
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