"Debit and Credit payment card fraud has risen 45% in the last 5 years, equivalent to £175 million."
Source: UK Finance
FRAUD LOSSES IN 2017 WERE
A remote purchase card-not-present (CNP) transaction is one where the cardholder and the card are not present at the point-of-sale.
Because the card and cardholder are not present, you are unable to physically check the card or the identity of the cardholder. You therefore need to be particularly careful about CNP transactions, because it is much easier for the fraudster to disguise their true identity.
Merchants need to be mindful that a standard 'authorisation' from their payment service provider does not guarantee against fraud related chargebacks. The merchant is responsible for ensuring that CNP transactions are not fraudulent. If a transaction is fraudulent, they will be liable for the loss.
REMOTE PURCHASE (CNP) FRAUD LOSSES ON
What procedures have you got in place to protect your business against fraud?
"Using technology to devalue the data To get risk off the table."
- Stephen Orfei. GM PCI Standards Security Council.
SOTpay is unique patent protected software
designed to protect both the consumer and
the business by securing MOTO (mail
order/telephone order) and CNP (card not
present) transaction payments.
It supports PCI DSS compliance by removing all sensitive card data from your merchant environment, whilst facilitating additional authentication methods in the CNP MOTO channel, which shifts the liability for fraud back to the issuers and consequently eliminates fraud related chargebacks.