Asking for address and zip code when accepting a credit card payment over the phone or over an e-commerce site is another great tool in place to prevent chargebacks and the losses that occur should a stolen credit card be used for a purchase. Especially when shipping products, matching the shipping address to the address on the credit card holder’s account is a strong fraud prevention tool. Sometimes the card holder has a valid reason why their address does not match, such as having recently moved. But beware, in particular, of cases where the card holder asks you to ship to a different address because of a strange reason . Don’t let greed get in the way when something smells. If a sale is too good to be true, it is probably fraud.
We may not think too much about the security codes on our own credit/debit cards. By requiring a customer to provide you with their CVV code, you could be preventing your business, from becoming a victim of fraud. When you pair this security measure with Address Verification (AVS), you can greatly minimize losses from credit card fraud.
If you’d like to learn more about the ways you can improve the ways your business can protect against chargebacks, give Electronic Money Company a call today at 1-866-898-7618.