The global pandemic and economic crises have caused payment card fraud which had previously slowed down to increase significantly recently. While before the coronavirus epidemic, fraudsters managed to steal 6.78 cents for every hundred dollars, by December of this year, experts predict that card fraud will rise to 7.1 cents for every hundred.
Popular types of payment card fraud
The main types of payment card fraud are account hijacking and “friendly” fraud. The first involves so-called social engineering to hijack the account. It is a type of fraud in which a stranger uses all various methods to persuade the account owner to give him data to access funds. More than half of all fraudulent transactions are accounted for by this kind of scam.
No less popular is “friendly” fraud, when acquaintances or family members, knowing the data of an account or a bank card, make purchases with it without the knowledge of the account holder.
How to protect your cards from fraudsters?
The replacement of payment cards with a magnetic strip with cards with an EMV chip will help to reduce global fraud growth. Visa claims that merchants that accept traditional and contactless payments through EMV chip technology have experienced 87% less fraud.
Another method of combating payment card fraud is via stricter transaction authorization and customer authentication policies. Such flexible new technologies of payment card issuance are offered by Wallester. The company gives its customers access to a state-of-the-art card issuance platform. With its help, card program owners can control users’ spending depending on their location, purchase time, merchant type, etc.
Benefits of using the Wallester platform
The Wallester card solution is fraud-proof through the use of 3D Secure technology. The card issuer can choose the cardholder identification method under the specifics of his business. An additional authentication step can be activated, allowing a transaction to be validated within a limited time frame. Such precautions guarantee reliable protection of card solutions from fraudsters.
All the cards issued on the Wallester platform support 3D Secure technology. This means there is no need to use additional security protocols from third-party vendors.
The Wallester platform allows the creation of secure card projects and increases the recognition of any brand by issuing White Label cards. These can be physical or virtual cards for a variety of needs. Security and individuality of payment instruments are significant for companies working with customers, those who plan to launch their own loyalty programs for customers or employees, and who want to implement an innovative cost management system in their company.
Using Wallester’s card solutions ensures you’re protected from fraud,get to know about these feature from here https://wallester.com/card-solutions. Thanks to the innovative platform, you can receive real-time transaction information and use it to make quick decisions about approving or rejecting transactions.