As an unfortunate consequence of the Internet, many people have been tricked into providing their financial data to websites that are actually harvesting the information to use for fraudulent activities. There have been many attempts to stop this process, yet each attempt has been thwarted by the hackers and spammers of today.
Each time a new method is introduced, the hackers and spammer develop a way to get around those methods. So as the methods for protecting data becomes more advanced, those attempting to get that information become smarter.
Today there are many different choices for online fraud prevention. It will be very important for any business to use some form of protection for themselves. When fraudulent information is used to make a purchase or request services, usually before the theft is realized the products and services are used or shipped. This means that if your business accepted a credit card that was stolen and has already shipped the inventory, you are likely to have to write that off as a loss.
Using an online fraud prevention tactic can help avoid these problems. There are several options available today. In addition, each day the methods that are available become more advanced. The changes that are made are done to help stop the spammers in their tracks.
One very effective method that many organizations have found effective today for online fraud prevention is using a telephone verification system. This system requests a telephone number from the customer during the ordering process. The telephone number will then receive a voice call or text message immediately. This call or message will include a PIN that the customer must enter into the order form.
If the number isn’t entered or the call cannot be completed, the order process is canceled right away. This process works in two ways. First, a thief is not going to want to provide their own number because it will allow for them to be traced. As a result they will normally just exit out of the website altogether, cancelling the order.
The second thing that is does is protects the unsuspecting customer from fraudulent charges on their credit card. So using this method helps you as well as your customer avoid financial loss as a result of online fraud. Using an online fraud prevention method has saved many organizations billions of dollars in lost sales through the use of stolen information.
TeleSign is a global Internet security company providing phone-based authentication and verification services to help web-based organizations identify and substantially reduce online fraud and spam. One of such service includes credit card verification service. TeleSign products provide an easy-to-implement and powerful way to stop fraud using the telephone. TeleSign serves organizations of all sizes and has more than a billion authentication and verification transactions to over 200 countries. For More Details visit us at https://www.telesign.com.