Address Verification System is fraud detecting tool being present in most payment gateways in Malaysia these days. It stores numeric parts of shipping address stored on customer’s credit card to the physical address on file at that particular credit card company. If any red flags are found, this kind of tools would instantly let you know about the incident and you can take certain actions from then on.
Based on data available, consider setting limits for total amount spent on your website in single day and/or total orders customers can make in over period of time. This can help you lose less in worst cases. You might be well aware about three or four digit security code on back of your credit card. What you might not know though would be the PCI rules preventing yourself from storing CVV along with other credit card information into database. It’s virtually impossible to crack CVV based on card holder’s name and card number unless someone physically steals credit card. Most payment gateways require CVV as a part of their payment procedure. Make use of them.
Always prefer to have your payment gateway software up to date. These companies regularly update their code and integrate security patches to fight fraud and protect the users from new vulnerabilities along with latest malware and viruses. In addition to that, install high-quality anti-malware protectors and anti-virus software into your payment gateway system. Avoid using cracked version of anti-malware software as they are highly insufficient.
The most common type of frauds are email frauds. Sometimes they are easy to discover but hard to fight with. With that said, make use of DMARC technique to figure out fake emails and potential frauds. In addition to protecting your customers from clicking potentially damaging fraud links, email authentication can help you protect your business from misinterpreted. At the end, always prefer to do ongoing maintenance of your ecommerce platform and look for potential vulnerabilities if there are any. Don’t wait for your first fraud to happen. Figure out earlier and never let it happen.
Mobi (formerly known as Mobiversa) was established in 2014 to provide new-age, secure, innovative payment gateway solutions in Malaysia for big and small businesses. Having started with an eWallet Payment Gateway, we are now focusing on B2B payments for online transactions.
Our cutting-edge payment solutions create value for businesses of all sizes by providing easy-to-use payment methods to their customers. Also, we are the first Cashless Payment System In Malaysia to introduce next-day settlements.
Having started in Malaysia, we now have our innovation center in India as well. We also have a strategic office in Singapore to fuel our growth in the rest of Southeast Asia’s eCommerce Payment Gateway industry. Currently, we are expanding our services into Indonesia.