Plenty of efforts are being taken by credit card companies, government organizations and business owners to avoid credit card frauds and to make shopping through online mode extremely safe and reliable. Recently, some credit card company has taken initiative by providing internet only credit card number to their customers, to make online purchasing more secure and convenient. This online number is not connected to your personal bank account, which avoid misuse of your bank account information.
Online shopping has become the vital part of customer’s everyday life. Website let shoppers to facilitate convenient selling in less time. During festive seasons like Christmas, the volume of online shopping rises by more than 25% every year. It also assists shop owners in getting reviews, customer feedbacks and doing price comparison with the competitor’s product. However, e-credit card frauds make retailers extremely vulnerable to financial risk. Internet provides an easy way to hackers to commit fraudulent acts using stolen credit cards as there is no any face-to-face interaction involved.
Most of the frauds related with e-credit cards are committed under Card Not Present (CNP) transactions. Retailers fail to conduct physical security checks, during CNP transaction. The authentication of cardholder is never completed without signature comparisons and PIN verification. This is where the exact risk of retailer lies during online transactions. Where hardly any verification takes place and the transaction later found as fraudulent, which incurs lot of financial burden on retailer. Nowadays, most of the shop owners prefer to secure their online transactions through advanced CNP solutions, which include Address Verification Service (AVS), Card Security Code (CSC) and MasterCard security code. Shop holder who provides facility to pay through e-credit cards, must ensure that they take essential steps to avoid fraud instances and keep credit card information of customer extremely secure. However, there is hardly any security system which is flawless and criminals can exploit the loopholes involved the technology through any means. In order to enhance security system involved in online payment and better information storage management, you can consult with technology expert.