Fraud Prevention System

Fraud Prevention System

Fraud, Scams, and Identity thefts are some of the practices that hamper a business image. Furthermore, it diminishes the authority over the financial entities associated with the firm. Therefore, the security of the corporation from it becomes a necessity.

Multiple tools can prove beneficial in preventing fraud transactions on the payment processing channel. Using the most advanced and cutting-edge solutions makes the process seamless and hassle-free. Every payment service provider has its components to fight fraud. However, WebPays uses the best among all the tools.

The Fraud Prevention Tools for Merchants

Some of the tools that Merchants need to have on their payment processing channel are

Address Verification system

One of the best tools for checking the fraudsters and scammers on the payment processing. The billing and the consumer's address for a payment play a major role in processing the payments online. If there is a mismatch in the system, then the alert will ask for confirmation from the consumer as well as the merchant. AVS will ensure that the consumers are the ones to do the payment on an offshore payment gateway.

CVV Checker

Second to the list of the Fraud Prevention System is the CVV Checker. For card payments, checking the CVV is one of the most crucial components. The CVV of the card holds important information to process the payments. If the payment gateway stops the payment as soon as the CVV is incorrect, then it will streamline the process of the payments and reduce the friction for the payments

PCI DSS Compliant

The Payment Processing unit or more precisely the Payment Gateway is PCI Compliant that keeps all the standard compliances intact. All the payment data remains safe throughout the payment processing making the transactions safe. A merchant can add additional regulations for the payment data on the website after being PCI Compliant. Therefore, WebPays pay special consideration to the sensitive data used in the online payment processing.

Fraud Scoring

Every consumer has a fraud score. If the consumer doesn’t perform fraudulent activities to pay for goods and services, by default, the score will be zero. If the fraud score goes beyond the threshold, then the consumer will be banned from paying on an offshore payment gateway of WebPays. It will ensure that a business doesn't have any fraudsters with high fraud scores paying on the payment gateway.

Geolocation Tracking

Certain locations around the world are known for high fraudulent activities. These places should be avoided by businesses as they might cause harm in payment processing. The geology of these locations surfaces a high risk of fraud and scams. Therefore, during the tracking of the location of the consumer, it checks the geolocation of the consumer too. It will ensure that business doesn't face those locations too often.

Multi-Factor Authentication

Stopping the fraud mob at the authentication stage will reduce the activities to a massive number. The multi-factor authentication generates a dynamic layer of protection over the complete payment processing. The oncoming of the One-Time Password provides additional protection to the processing. The authorized number of the consumer will get the OTP and will complete the payment processing.

Conclusion

The High-Risk Payment Gateway takes chances on the payment processing of businesses around the world. However, it becomes pretty important to keep the fraudsters away from the businesses and the payment gateway. Therefore, WebPays takes extra precautions to process the payments.

Moreover, It streamlines the payment process and keeps the complete payment ecosystem smooth and happening.