Fraud is now an international business and criminal gangs constantly seek out the weakest targets for the easiest returns. Securing transactions has become a vital part of today’s digital world.
According to analysts, the cost of mobile fraud transactions is $3.34 for every dollar in transaction.
The cost for fraudulent mobile transactions is the highest for any channel. Additionally, the cost of mobile transaction fraud has increased more than 18 percent, while the cost of online fraud transactions has dropped 15 percent since 2013.
Online banking authentication has become more difficult as new threats are discovered and the technology needs to secure against them. From a simple password, to passwords with numbers, symbols and the like, to knowledge based questions and finally to the
current state of external devices and communication channels to verify transactions.
With the security of traditional passwords being compromised by various hack attacks.it is recommended to add an extra layer of security for transactions without compromising the user experience.
A viable method to complement traditional passwords is the implementation of phone number verification as it is globally accessible, hard to fake and relatively inexpensive
Below are some techniques to protect you from Fraud transactions:
1- Use a secure connection for online checkout and make sure you are PCI compliant
2- Don’t store sensitive data
3- Employ an address and credit card verification system (CCVS).
4- Require strong passwords.
5- Set up system for suspicious activities.
6- Monitor your site regularly and make sure whoever is hosting to it.
The solution to these challenges is to merge the security strengths of an authentication server with the logic and accuracy of a fraud detection system to identify suspect behavior and step up authentication, but more importantly, identifies normal behavior
and steps down authentication so that the customer is not unnecessarily inconvenienced – thus keeping risk low and customer satisfaction high.