Being Naive To Online Fraud

Posted by Trustev editor on July 26, 2013

Before arriving at Trustev I was a bit naive to the whole online fraud thing. I knew it existed, I knew people who had been affected by it, but I never thought it could affect me.

Why would it? If fraudsters stole my credit card identity for online fraud purposes then the most they would get out of it was an oversized novelty pencil - as this is all I can afford. However fraudsters don’t care about that.

But who really loses out here? Even if it was chock full of cash and used fraudulently I report it to my bank; I get my money back. The bank gets their money from the merchants. Merchants, well…not so much.

Merchants get shafted left, right and centre due to online fraud. Not only does the merchant have to pay the money back to the bank, but also on top of that they get the bonus of paying stiff penalties – which are often very expensive. From the banks point of view this is the merchants’ fault due to them authorising the transaction. So merchants have to either spend massive time and resources individually checking every transaction that goes through their system; a cost of business that only causes prices to hike up or take the risk and potentially expose their business to massive losses.

A personal friend of mine who is living in Australia and working out there tried to buy and ship Christmas presents last year to his family back here in Cork - you probably know where this is going. His card was rejected and he was not able to get the gifts home in time. He had to go out of his way to get his girlfriends credit card, as his was rejected, ship it to her address, pick up the gifts, go down to the post office and then finally send them back to Ireland…during the Christmas rush. Needless to say they arrived a week late. To me this is a complete an utter nightmare of a process. Manual processes reject people who are who they say they are too often. It’s an old way of doing things, and it’s not efficient in any way shape or form.

This is why we, Trustev, exist; we make it safer and more secure for merchants to sell online and protect themselves against online fraud. A safer, more secure environment means reduced costs for merchants and smoother checkout experiences for shoppers. It works out better for everyone.

Online fraud prevention is vital, and it’s only going to become more important as ecommerce is on the rise. But we can’t be stuck in old fashioned manual review processes all the time. It’s not efficient for any company both time-wise and money-wise.

There's a better, more efficient and cheaper way. That’s why we’re here to help.

Topics: fraud