Chargebacks are very costly for business owners – accounting for $6.7 billion dollars in fees, revenue losses and merchandise losses in 2016.
If you're like many other online merchants, you likely have some type of fraud protection in place to guard against fraudulent chargebacks. Unfortunately, you might not be as safe as you think. Fraudsters are becoming more sophisticated and fraud prevention is evolving. These fraudsters are constantly finding new ways to keep up with the fast-paced payments space, so that they can effectively infiltrate your online store.
EMV chip cards were introduced almost two years ago, to protect merchants from fraud at the point-of-sale. The rollout of EMV chip cards in different regions (UK, Asia, EMEA, etc.) has made it harder for fraudsters to steal card credentials and create counterfeit cards to use at the point-of-sale. Consequently, fraudsters are migrating to the less secure channel: online. These cybercriminals began using the stolen card numbers online, where the EMV chip card protections don’t help.
To combat this new spike in online fraud, Cardinal created a patented rules-based solution, Cardinal Consumer Authentication (CCA), that protects online transactions. While EMV chip cards protect consumers from fraud in the point-of-sale environment, CCA does the same in the online world by leveraging the 3-D Secure protocols. CCA is to CNP as EMV is to Brick and Mortar.
Watch this short, two minute video on CCA. In it, you will learn about how this solution can help you stop fraudsters and their stolen credit cards on your online store.
Fraud isn't going anywhere and the fraudsters are constantly finding new ways to evade your fraud tools. Today, you need more than just one method of protection and, if you want to stay up to speed, CCA is your one-stop shop solution.