Security processing customers' payments first!

More and more people are embracing online shopping experiences. Accordingly, growth forecasts for e-business are positive. But as this area shows promising development, attempted fraud on the Internet is also evolving in creative ways. It is vital to protect both merchants and customers from potential losses.

More and more people are embracing online shopping experiences. Accordingly, growth forecasts for e-business are positive. But as this area shows promising development, attempted fraud on the Internet is also evolving in creative ways. It is vital to protect both merchants and customers from potential losses.

Increasing sales opportunities on the Internet juxtapose growing risks that can permanently damage merchants’ profits and reputations. With globalized trade and high-volume transactions, the potential for risk increases. Consequently, a company’s commercial success also depends on security systems that can defend against fraudulent manipulations and guarantee customers a secure transaction process for electronic payments.

Great Britain is among the leading countries when it comes to growth in online trade. But according to a current study by the European Central Bank, Great Britain is also one of three EU member states with the most cases of credit card fraud.

Nevertheless, credit cards and online banking remain the preferred methods of online payment for both merchants and customers. Thanks to SEPA, improved frameworks for quick and secure banking transactions have been achieved through the standardization of cashless payment transactions in Europe. The new process is used for euro payments in the 28 EU member states, Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino.

Still, alternative online payment gateways, such as PayPal or ClickandBuy, are also catching on. They are attractive in cross-border trade because many countries still favor highly diverse online payment services for target groups that don’t have a credit card or don’t like to use online banking.

Many online merchants struggle with security. They fear support costs that are too high or restrictions to their payment portfolio. Nevertheless, their goal should be to minimize the rate of fraud – and its associated costs and losses – without interfering with “good” business or wasting sales opportunities.

Proven standards and a one-stop shop
Wirecard Risk Management

Wirecard supports store operators of every size with services from a single source:

Our payment solutions already include standardized risk management solutions. They contain two systems: Using automated address and credit assessments, customer-based payment options are defined and payment defaults are minimized. Using automated fraud prevention based on market- and behavior-specific data, fraudulent manipulations are identified and prevented early on. These modular solutions can be expanded quickly and flexibly at any time and tailored to current needs via a free account for merchants. In addition, individually configurable security packages are available for operators of larger mail-order businesses or for merchants with special platform requirements.

With the integrated standard testing procedures, consumer data is checked for identity, address, age and creditworthiness in real time prior to electronic payment processing. The result of this test determines which payment methods in the store’s payment portfolio are offered and the highest amount suitable for those methods in any given case. At the same time, the system independently identifies fraud patterns and declines suspicious transactions automatically. Because fraud scenarios differ according to a user’s industry or region of origin, these solutions can be additionally tailored to specific requirements.

Wirecard’s “one-stop shop” principle offers further synergies. As a payment service provider, Wirecard has its own full-service bank with a German banking license that efficiently runs in the background of every transaction. And as an internationally active multi-channel acquirer, Wirecard offers:

Credit card acceptance contracts with the leading providers, including Visa, MasterCard, JCB, Diners Club/Discover, China UnionPay and American Express.

 

 

Learn more about Wirecard's Risk Management here