Combining innovative payment experiences with advanced security measures, we are committed to helping you grow and protect your business. Enabling your customers to pay the way they want to pay – securely and with minimal friction – allows you to deliver the best possible customer experience and, ultimately, benefit from enhanced brand loyalty, repeat purchase and increased conversion rates.
Taking a multi-layered approach to fraud management not only minimizes the risk of attacks from fraudsters, it also boosts customer trust and reduces the risk of genuine orders being falsely flagged as fraudulent to deliver the optimum payment experience.
Read on to check out our tips for the upcoming peak season that can empower you and your customers to manage cyber risk better.
Be nimble and stay one step ahead
Recalibrate fraud controls in line with events. Customer and fraudster behavior can change during short-term periods, such as the holidays and sale season. Fraud controls should be particularly robust during any period where high-volume sales are anticipated, so be sure to recalibrate fraud controls, consumer authentication strategy (via EMV 3-D Secure) and processes in advance.
Streamlined data allows for seamless processing. Maintain positive and negative lists to allow seamless processing of known genuine customers, and automatic filtering of known fraudsters. Ensure a feedback loop is in place to ensure these lists are regularly maintained.
Engage employees to be security smart. Educate your workforce about Payment Card Industry (PCI) requirements and encourage compliance across the business, establish and cascade security processes and protocols, and inform about data security best practices such passwords.
Invest in and maintain secure systems
Develop and maintain secure systems and applications. Ensure regular updates, tests and vulnerability scans are implemented to find and fix any vulnerabilities that could be exploited.
Install a firewall and ensure regular maintenance. Consider installing internal firewalls in addition to standard external firewalls for extra protection.
Store and monitor logs. Monitoring log activity can help identify suspicious activity alerts, such as multiple login attempts outside of standard trading hours.
Install anti-virus and anti-malware software. All employee computers and any other devices used to access work-related email, documents and other data, such as mobile phones and tablets, should be protected with anti-virus and anti-malware solutions. Ensure regular updates and maintenance checks.
Protect cardholder data
Get on board with tokenization. Proven to reduce fraud by 63 percent, tokenization uses unique digital credentials instead of card data to ensure the security of personal data even in the event of a breach. Tokenization removes the need for merchants to store valuable payment data which, in turn, reduces their appeal to fraudsters.
How Visa Can Help
We work closely with merchants across the Visa network worldwide to ensure the necessary security controls are in place to pre-empt and reduce incidences of fraud. Visa’s CyberSource platform offers an ideal solution for merchants, consisting of a comprehensive portfolio of services designed to simplify and automate payment operations, streamline fraud management processes and increase payment security.
Our innovative, user-friendly solutions include:
CyberSource Enterprise Fraud Management system – a multilayered fraud management solution that operates across multiple channels to monitor accounts, authenticate payments and detect potential fraud by tracking device fingerprints, IP addresses, email addresses and rapid login attempts, in addition to hundreds of other potential indicators of fraudulent activity. Easy to use and complete with 24/7 support, this innovative end-to-end system streamlines operations and enables merchant to be more agile with scalable, flexible controls. The system includes a decision manager, reporting and rules suggestion engine.
CyberSource Token Management Service – allows different tokens to coexist in a single payment environment for the ultimate in customer convenience without compromising on security while also providing merchants with deep customer insight for the creation of effective loyalty and marketing programs.
Visa eCommerce Threat Disruption – A proprietary solution that proactively scans the front-end of eCommerce websites for payment data skimming malware, significantly reducing exposure of customer and payment data.
Visa Payment Threat Intelligence – Actionable and timely cyber intelligence reports and analysis plus educational materials to help mitigate cybercrime threats, account compromises and fraud.
Visa also applies PCI DSS and encryption of transaction information between financial institutions and Visa's network to protect both merchants and consumers against counterfeit card transactions.
Contact your Visa representative for more information on how ‘Visa’s got you covered’ and the latest payment security services to help merchants prevent and disrupt payment fraud.
Let’s empower customers to be part of the solution by spreading the word about what to watch out for during this holiday season. We recommend sharing this on your personal and organization’s social media channels!
Let’s join together in fighting fraudsters this season. Check out these tips!