Types of Internet Credit/Debit Card Fraud
- Skimming: One type of internet credit card fraud is skimming. This is when details on the smart chip or the magnetic strip from the card are duplicated and used online.
- Website Cloning and Fake Merchant Sites: Dubious websites project themselves as genuine e-commerce shops and manage to extricate important credit card details from the shopper.
- Triangulation: In this kind of credit card fraud, a merchant appears to be genuine for sometime and manages to extract card details from the shopper and then disappears from the scene without providing the product to the consumer.
- Credit Card Generators: Sophisticated credit card software can easily be downloaded from the net. This software generates accurate credit card numbers along with expiry dates. This is the latest in credit card fraud.
- Anonymous Credit Card Use: Card numbers not owned by the users are used by hackers anonymously to make purchases.
Taking all of the above into account, Instabill.com has positioned comprehensive fraud detection services such as SSL payment processing, 3D Secure and Advanced Fraud Screen. At Instabill we provide online fraud protection against all kinds of internet credit card fraud.
Advanced Fraud Screen (AFS) is a highly developed real-time fraud detection service provided by CyberSource- a pioneer fraud management solutions company. Best for online fraud protection, the AFS determines the risk level attached with each order/transaction and provides an accurate fraud risk detection figure. This is highly beneficial for a merchant as it pinpoints possibly risky orders/transaction. It is then up to the merchant as to how to proceed with the transaction.
Main Parts of Online Fraud Protection By ASF
- Spots genuine or dubious transactions in real-time
- Analyzes more than 150 risk reasons
- Gives back 35 in-depth reason codes
- Permits e-commerce businesses to place risk limits
- Works with the entire global network of credit and debit payment cards
- Consolidates with important IT structures
Major Advantages of using AFS for Online Fraud Protection
- Identifies single-event fraud
- Generates fraud trends swiftly
- Converts a large number of orders and transactions automatically
- Reduces manual fraud evaluation of online credit card transactions
- Diminishes customers’ complaints about credit card frauds
- Regulates fraud risk tolerance