It’s the time of year where Christmas sales are beginning to spike for retail business owners. But this is also the time of year for spikes in fraudulent sales activity.
In 2017, consumers spent more than ever on their physical cards, the overall value of cards transactions grew by five percent to $748 billion. The value of fraudulent transactions also grew in line with this total to $561 million, as identified by the Australian Payment Card fraud 2018 report.
Australian consumers are not liable for fraud losses and will be refunded as long as they have taken due care with their confidential data.
There are two main types of common fraud:
Since merchant business owners expect an increase their sales during these festive holidays, they may become complacent in using their fraud tools to detect potential fraud.
There is a very easy way to protect your business from fraudulent activity. MYOB PayBy, operates on the philosophy that payments should be fast, secure and reliable. MYOB’s partnership with the ai Corporation means there’s a high availability, high performance, PCI compliant, omnichannel payment gateway with integrated fraud prevention available to all of its customers.
Our sophisticated fraud tools can help you manage risk and fight current and next-gen fraudsters. And we provide you with peace of mind that your business information is safe and secure with our PCI DSS Level 1 compliance gateway.
The above video is all about the real-time detection and prevention of fraud, with more information available here.
MYOB provides best-practice tips to keep you safe this silly season.
Here’s a simple guide to get you started:
MYOB PayBy provides sophisticated fraud management and detection services using MYOB PayBy’s centralised fraud management engine. And it’s offered as a managed service.
MYOB PayBy can offer businesses that are susceptible to payment card fraud superior risk mitigation through a variety of simple and advanced fraud screening techniques such as:
For more information, visit MYOB PayBy Fraud Management Services.