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Education
Since fraud filters and prevention The proposition is simple. Follow the rules the major card
tools are designed to identify suspicious brands (Visa, Mastercard and American Express) created,
run transaction details through their authentication
cardholder behavior, and since there's systems, and if a transaction is verified, even if it is not
nothing suspicious about a fraudster who's legit (or, in the case of friendly fraud, the consumer claims
that it is not legit), it's not your problem to pay anymore.
using his or her own card and identity,
mitigating friendly fraud is the trickiest of And the proposition has become even more appealing. In
the past, 3-D Secure's adoption was a hard case to make, as
them all. authentication required input by the consumer, increasing
cart abandonment. However, the card networks decided
her own card and identity, mitigating friendly fraud is the to be kind and do the heavy thinking themselves. They
trickiest of them all. Having said that, it is not an entirely now authenticate transactions by running consumers'
lost cause. previous card data and purchasing patterns through their
systems, making the fight against friendly fraud an easily
Even though traditional fraud prevention devices can't do accomplished task.
much, implementing tools that shift liability of fraud away
from e-tailers, instead of trying to detect the undetectable, Evi Triantafyllides is the Marketing Director at PAAY, a software solution
is a processor's and merchant's best remedy. This type that qualifies e-commerce transactions at lower interchange rates and
of fraud protection can be found in 3-D Secure, a card- shifts liability for e-commerce fraud away from merchants, to the card
brand backed program that, similar to EMV (Europay, issuers. Evi was the first full-time employee at PAAY. She is responsible for
Mastercard and Visa) in the offline space, "rewards" the company's marketing, and at the same time focuses on ISO relations
merchants who authenticate consumers' identities by and partnerships. Find out about PAAY at www.paay.co or reach out to
qualifying transactions at better rates and shifting liability her directly at evi@paay.co.
in the case of fraud to card issuers.
