Protecting your company from fraud and chargebacks is essential for maintaining a healthy bottom line. With the rise of online transactions and e-commerce, the risk of fraud has increased, making it more important than ever to implement effective anti-fraud measures.

So, buckle up and get ready to say goodbye to fraud and chargebacks with the help of GumBallPay!

Tip #1. Know Your Customers

One of the most effective ways to prevent fraud is to have a clear understanding of who your customers are and where they’re coming from. This means verifying their identity and making sure their billing and shipping information match. GumBallPay utilises tools such as 3D Secure, which is a security protocol that requires customers to verify their identity through additional methods such as a one-time passcode sent to their mobile phone or a security question. This added layer of security helps ensure that the person making the transaction is who they say they are, reducing the risk of fraud.

Tip #2. Be Vigilant with Transactions

Keep an eye out for suspicious transactions, such as large pay-in made with newly created accounts or transactions made from unfamiliar locations. The GumBallPay risk department works around the clock to assess payments manually and flag suspicious activity.

Tip #3. Stay Up-to-Date with Security Measures

Make sure your gateway is using the latest security protocols and that your employees are trained to identify and prevent fraud, i.e., using SSL certificates, encryption, and fraud detection software. Additionally, ensure your gateway is PCI-DSS compliant, a set of security standards created by major credit card companies to protect against credit card fraud. Staying compliant will not only protect you from fraud but also from penalties and fines that come with non-compliance.

Tip #4. Act Quickly on Chargebacks

If you do receive a chargeback, it’s important to act quickly and investigate the claim. GumBallPay utilises Ethoca to tackle fraud cases on all levels before, during, and after they occur, helping you quickly identify potential fraud and take action before it’s too late. This includes gathering any relevant information, such as transaction details and customer information, and reaching out to the customer to try to resolve the issue. Be prepared to provide evidence to the card issuer or acquiring bank to support your case, such as shipping and tracking information, signed receipts, or proof of delivery. Acting quickly will increase your chances of winning the chargeback dispute and protecting your business from financial loss.

Tip #5. Stay Ahead of the Game

Stay informed about the latest fraud trends and tactics by staying up-to-date on industry news, participating in fraud prevention forums, and attending fraud prevention conferences. Stay ahead of potential fraudsters and protect your business from chargebacks. Additionally, consider working with a fraud prevention company that specialises in your industry. They can provide you with the latest fraud prevention techniques and best practices to stay ahead of the game.

Final Thoughts

Remember, fraud prevention is a continuous process and it’s crucial to stay vigilant and keep updating your security measures as the threat landscape evolves. GumBallPay takes care of all of the above steps for you, so you can rest assured that your business is protected from fraud, chargebacks and well on its way to transaction success and growth.