Protecting Your Business from Account Testing Fraud
Ascent Payment Solutions wants to bring to your attention a concerning trend in the rental, lodging, and property management industry: Account Testing Fraud, also known as Fraud Authorization Testing. This type of fraud is increasingly targeting the checkout or payment pages of businesses in this sector.
Understanding Account Testing Fraud
Account Testing Fraud involves the validation of stolen credit card numbers by malicious actors. Typically, they perform multiple low-value transactions across various online platforms to test the validity of the stolen cards. The consequences for affected merchants can be severe, with thousands of fraudulent card authorizations disrupting their operations.
The Impact on Merchants
When Authorization Fraud occurs, merchants like your company face significant challenges. Not only do you incur the costs associated with each unauthorized transaction, but there is also the risk of your payment gateway and/or Terminal ID being shut down temporarily. This effectively halts your ability to process payments until stringent security measures are implemented to resolve the issue.
The Role of Your Software Solution & Website Developer
Your software provider and website developer are crucial in safeguarding against such fraudulent activities. They can help protect your websites, booking pages, and other portals/widgets that accept credit card payments. Even if some measures are already in place, it is worthwhile to review and enhance them.
Recommended Security Measures
To combat this issue, it is essential to strengthen the security measures on your checkout pages to prevent both automated bots and human perpetrators from succeeding. Here are some recommended solutions:
Implement a Robust Captcha Solution: This should be in place as a minimum check-out page security measure. It helps verify that a real person, not a bot, is attempting to complete a transaction. Captcha will not stop authorization fraud testing by human perpetrators.
Adopt Comprehensive Bot Detection Mechanisms: Protect your entire website with advanced bot detection technologies.
Utilize 3-D Secure Authentication Protocols: This adds an extra layer of security for online credit and debit card transactions.
Incorporate Velocity Filters: Velocity filters help detect and block suspicious high-volume transaction patterns. Velocity filters work to catch and stop both bot and human perpetrators.
By implementing these security measures, you can significantly reduce the risk of Account Testing Fraud and protect your business from potential financial and operational impacts.
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