|
FOUL PLAY WITH MERCHANT ACCOUNT
We might have heard of various
fraudulent cases that have been
reported. These frauds happen to be very
intelligent hackers. Fraud can also be
called as a foul play. The main problem
that an internet merchant faces is
fraud. 15 million dollars was calculated
as the total loss caused by foul play
with merchant accounts in the year 2002.
Fraud can bring down a merchant account
to the ground level. While maintaining
the merchant account, various rules and
formalities between the merchant and the
customers have to be followed. It has to
be undertaken in a serious manner. A
merchant has to be very careful while
dealing with the customers and
vice-versa.
But in the modern era, these fraud
activities are being controlled by the
electronic banking system and also
various techniques that have emerged.
One of the examples of a fraud
protection in merchant is Authorize.Net.
It is a much improvised method of
detecting a fraud case while making
transactions. It supports Authorize.Net
Virtual Check which means a merchant can
accept payments through electronic check
and this system helps in screening of
any foul play with merchant account.
These systems are supported by Secure
Sockets Layer (SSL) encryption. A
merchant can easily manage every card
transaction with the help of these
modern technologies. This system is very
efficient in identifying a fake
transaction. It automatically scans the
information that a card bears. The
scanning process includes checking of
email addresses, IP address of the
internet network, credit card validation
and number, background check, etc. The
merchants are offered 128 bit protection
of the SSL encryption by the
Authorize.Net Secure payment Gateway
system.
Likewise there are many other branches
of the Authorize.Net. HTML is mainly
used as a tool for payment posting. This
is called Authorize.Net Basic. This
system gradually monitors the merchant
account protecting it from fraudulent
credit card transactions. A merchant can
be aware of the fraud transaction, if
any, instantly at the point of dealing.
There is always high risk of fraud in a
merchant account. Because of the
internet marketing system, the merchant
and the customers are physically not
present face to face. At such times, the
payment gateways are useful to check
whether the user on the other side is
actually the original card holder or
not. The payment gateways also help in
making a safe transaction.
Not only the customers but sometimes
even the merchant makes a foul play with
certain transactions. A customer has to
be careful while choosing the product or
services which are available on the
internet and from which merchant to buy.
While opening a merchant account, every
detail regarding the merchant and the
type of business he/she carries is
required. A customer can easily check
the available database of the merchant
before proceeding with the dealings.
This way both the customer and the
merchant can be on the safer side. But
some of them have already become victims
of such fraudulent cases. Foul play with
merchant account can be made from both
sides. So the merchant and the customer
have to be like an open book in front of
the market before making any
transaction. |
