With the world shifting to online payments, fraud cases have also proportionally increased. Card fraud is described as the theft of funds involving the use of credit or debit cards.
Business owners who sell or transact online usually bear the brunt of card fraud. This is often the case when it's a ‘Card-Not-resent’(CNP) transaction as it’s much harder to verify the identity of the person using the card. This is contradictory to the main aim of running a business which is to make sales without losing money in the pipeline.
With this said, only a small percentage of card transactions are fraudulent. But they can still cost millions in losses for business owners and card owners.
The most common types of fraud include:
At Pesapal we go the extra mile to protect your business from fraudulent card activity. Having PCI DSS certification, we employ world-class measures to safeguard your money.
Additionally, we provide the following for businesses that process payments through our platform:
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