Credit Card Fraud on the Rise in Ecommerce
Credit card fraud is where a merchant is tricked into releasing merchandise or rendering services, believing that a credit card account will provide payment for goods/services. The merchant later learns that they will not be paid, or the payment they received will be reclaimed by the card's issuing bank. Today, half of all credit card fraud is conducted online agaisnt small ecommerce stores that have little or no credit card fraud protection.
One way to prevent credit card fraud is to use a company that specializes in doing just that. The FraudLabs Credit Card Fraud Detection Web Service is a hosted, programmable XML Web Service that allows instant detection of fraudulent online credit card order transactions. They help the small business internet merchant to avoid lost of revenue, waste of productivity, and increase of operation costs in chargeback and higher reserved funds as a result of online frauds.
