Skip to content

Growing Threat of Payment Fraud

Fraud and chargebacks can be alarming for your business. Take your time to find the best solution to fraud-related problems before the trouble knocks at your door.

Payment Fraud Survey

The Electronic Payments Association (NACHA) has recently held its electronic payments 2016 conference. A TD Bank conducted a survey at the conference on the future of the financial services sector. 88% of the attendees think the sector is going to be under a greater payment fraud threat in the years to come. 10% believe currently it is possible to fight payment transaction fraud effectively.

Rick Burke, TD Bank Head of Corporate Products, mentions that even if the threat of payment fraud is becoming greater, lots of firms are not ready to prevent what is expected in the upcoming 24 months. Burke further notes that corporate treasurers should discuss fraud-related issues with their banking partners. This will help them keep their payments processing and accounts under control, determine better ways to provide multi-level defense, and successfully detect fraud-related activities.

Today, there are lots of organizations switching to electronic payment systems from physical ones. Only 20% conference attendees’ companies use a paper-free system. 32% think they will convert to an electronic system in the upcoming 2 years. 42% believe the change will take min. 3 years. 49% are sure their business is in need of real-time payment processing. Finally, 74% consider self-service and mobile commercial financial options a priority.

Fight Fraud with EMB

Businesses, especially high risk ones, very often deal with chargebacks and disputes. Happily, you can limit payment fraud and cut chargebacks associated with your business. For this, you should find the right payment fraud protection and prevention programs in the industry. Consider turning a reputable payment processing company like EMB is voted the #1 high risk processor in the US and offers the best merchant account services in the industry.

In partnership with Verifi and Ethoca, EMB offers customers an unmatched fraud alert and prevention system. Verifi’s new Cardholder Dispute Resolution Network or CDRN allows for controlling disputes by networking with banks and card issuers. These chargeback resolution networks enable merchants to reach the highest rate of chargeback resolution.

With eMerchantBroker, business owners can:

  • Enjoy exceptional chargeback prevention and fraud-fighting programs
  • Get notified about chargebacks just on the spot
  • Partner up instead of fighting alone
  • Proactively fight payment fraud
  • Retain profits

Choose the best for your company and start growing.