Credit card fraud can be a serious and complex business problem for many online merchants. Hundreds of millions of dollars in unpaid goods and services are lost to credit card fraud annually, seriously impacting the bottom line revenue for many merchants. Compounding these losses are the already high fees paid to merchant banks by CNP merchants, costly chargeback and other penalties, and the overhead associated with responding to fraud.
Much more serious however is the risk that uncontrolled credit card fraud can ultimately prevent the online merchant from conducting business altogether! Merchants that consistently exceed established acceptable chargeback rate thresholds for several consecutive months are subject to heavy fines, and, if the problem is not quickly corrected, businesses can lose their merchant bank accounts altogether. Additionally, the offending merchant will likely be listed in the so-called MATCH/TMF database, finding it exceedingly difficult to establish a domestic merchant bank account for several years!
Existing Solutions Less Than Ideal
Most payment processing gateways now offer rudimentary anti-fraud mitigation features and there are coding best practices that ought to be employed on a merchant’s website. These measures often only put a dent in the problem; often more robust solutions are required to bring a fraud problem under a satisfactory degree of control. Several companies have also produced third party anti-fraud software systems, but these can be extremely expensive and complex to operate effectively.
Unmatched Experience
Three Fish has over ten years of experience in the successful interdiction of online payment fraud. We have developed custom software systems based on algorithms that analyze patterns in real-time user form submissions, session parameters, and historic sales data to accurately detect and decline high-risk transactions. Our payment fraud mitigation techniques have consistently outperformed the leading commercial third party solutions on the market.
Three Fish consultants also have wide-ranging experience with the internal systems and policies of most of the major credit card payment processors, the regulations of VISA, MasterCard, and other major credit card companies, and experience with PCI DSS standards at all levels.
Whatever your current anti-fraud measures, we can likely help to further reduce your rate of fraudulent transactions while recovering more legitimate orders in the process.
Arrange a Consultation
To arrange for a consultation to discuss your payment fraud mitigation needs, please email antifraud@threefishgroup.com or contact our office.