Tools for prevention of OFFSHORE credit card fraud

Fraud management services – Identity thefts cost consumers and merchants huge amounts every year. Hence, it has become a necessity for merchants to implement the best and the latest for management of fraud protection. Following are a few tools that are widely used for fraud prevention:

Address Verification Service – AVS is a risk-management tool used by merchants for the acceptance of transactions in the absence of a cardholder or the card, or in the presence of the card and the non-working of the magnetic stripe during sale. An AVS request is submitted by merchants directly via the credit-card merchant processors to specific credit card associations for comparisons of addresses. The “credit card association” will then verify the billing address of the cardholder.

Card security verification – This tool collects the three-digit or four-digit credit card numeric code which is provided during purchase. The card verification requests are directly submitted by the processing companies to credit card associations. The security value on the card is then evaluated against the value in the file of the card issuer. The card verification schemes are provided by big card associations which are also known as CID (Discover Card), CID (American Express), CVC2 (MasterCard) and CVV2 (Visa).

Authentication of credit card – Both MasterCard and Visa provides services for authentication by enabling the issuers to verify cardholders’ ownership of account during purchases over the internet. With MasterCard SecurityCode and Verified by Visa or VbV, costumers get assurances that the usage of bankcards over the internet is pretty safe. Moreover, traders get protection from chargebacks from issuers on fully authenticated transactions. Since transactions are authenticated by issuing banks, merchants will be reimbursed. This means that traders need not bear the cost or risk of fraud. When cardholders shop at participating SecureCode or VbV merchant sites, the checkout procedure remains as it is until a consumer selects the “buy” button. If bankcards are registered with participating issuers, the customers will have to enter the SecureCode credentials or the VbV password. Through simple checkout procedures, a bankcard issuer can confirm the identity of a consumer.

Transaction scoring – Risk management solutions combine technology with an access to 3rd party databases, human insight, and rules-based processing to provide traders with clear recommendations if a transaction has to be accepted, challenged or denied.

Identity Authentication – The identity authentication services constructs a card-present virtual environment by carrying out the authentication of a consumer’s identity in real time. This service helps in detecting identification fraud with the use of statistical analysis, proprietary databases and government-issued identification. This service also prevents criminals in-the-making from robbing a customer’s identity and also deterring customers from making authorised purchases and later denying a transaction.

Age Verification – This service uses the government-issued international database for identifications in order to verify the identity and age instantaneously over the internet. It also provides a tool for fraud-screening and also meets the legal compliance. All that is required for merchants to do is seen the collected user information for instantaneous identity or age verification.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.