This introduction to fraud is about how you can maximise profit and reduce your losses due to fraud when you are trading online.
Online trading has massive potential, but unfortunately its very success attracts fraudsters of many kinds: some use stolen cards or stolen card details and passwords, others deny receiving goods and demand refunds - and, as you will see in this guide, there are many other ways fraudsters will attempt fraud.
To counter fraud, and to help protect you from losses, we provide a range of automated anti-fraud measures that operate within our payment service and across our connections to bank systems; we carry out fraud checks on every card-based transaction we process.
Although these measures offer a high degree of protection - you can think of them as your first line of defence - you can add additional measures to further improve your defences against fraud.
For example, if your business handles a small number of high value transactions per day, an effective measure could be to manually review each transaction. This might not be realistic if you handle a large number of transactions, but there are other options open to you. This guide describes a range of procedures and checks that you should consider adopting within your overall anti-fraud strategy.
Managing fraud with a sensible combination of manual checks and business-specific procedures, along with our automated measures, could save you from direct losses due to fraud and may also save you from indirect losses due to fraud related chargebacks.
Procedures do not need to be complex to be effective; the example below illustrates a straightforward business-specific alerts procedure.
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To the Staff of One Stop Shop Alerts Procedure
Manually review any transaction that has generated a Warning alert from the Risk Management service. Manually review any transaction over £30 that has generated a Caution alert from the Risk Management service. |
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Glossary | File Name: What is Introduction to Fraud.htm | © Worldpay Limited |