LOUISVILLE, Ky. (June 29, 2010) – The Internet is the new at-home marketplace. With the tools to establish personalized websites and enable them to accept electronic transactions becoming easier and more available each day, e-commerce is constantly growing. Likewise, recognizing that the modern consumer does a growing amount of communications and shopping via the Internet, major corporations are also relying more heavily on online ordering to supply a substantial amount of revenue. Unfortunately, the rise in faceless, card-not-present (CNP) online transactions has given way to an incredible amount of electronic payment fraud.
Electronic payment fraud affects the largest Internet-savvy conglomerates to the smallest of online businesses. In response, several branches of the United States federal government have taken action in order to further the cause of the electronic payment security industry. The Federal Trade Commissions (FTC) Red Flags Rule is scheduled to go into effect in December of 2010, standardizing mandatory fraud prevention efforts of all applicable U.S. businesses. As such, businesses now need to make an important decision about how to implement fraud prevention tools into their daily business transactions. In this article, well explore three important concepts to keep in mind when choosing the fraud prevention tools that are right for your business.
Ease of Use
In both consumer interactions and transactional efficiency, ease of use is a major component of the success of business software. In terms of fraud prevention tools, this means not only should the process of identity verification be easy for employees to use when registering and processing customers, but also fast and simple enough that a thorough identity verification process can be completed without deterring the customer from completing the transaction. Ideally, fraud prevention tools selected by your business should be able to return multiple data values from reliable sources with only one efficient lookup.
Ease of Integration
The online consumer shops in cyberspace primarily to avoid the inconveniences of brick-and-mortar shopping. Therefore, to ensure successful completion, online transaction interfaces should be as convenient and unobtrusive as possible for the end-user. For businesses, fraud prevention tools should integrate into pre-existing security measures or transaction interfaces in order to maintain efficient daily sales and minimize delays due to upgrading, maintenance or training. When properly integrated and configured, both consumers and employees should be able to interact with your business fraud prevention tools quickly and easily.
Ease of Compliance
The Red Flags Rule is just one of several federal mandates that American businesses are obligated to satisfy in the name of due diligence. Fraud prevention tools, when implemented, should perform as many mandatory procedures as possible to minimize business need for multiple platforms. Ideally, fraud prevention tools should be specifically designed to help businesses reach compliance with any applicable federal regulations while maintaining the ability to optimize the end-user and employee experience.
Electronic Verification Systems, an industry leader with more than 10 years of data provision and fraud prevention experience, specializes in integrating fraud prevention tools into established business security structures. If you’re concerned about staying protected against corporate fraud both online and offline or you want to reach compliance with United States regulatory bodies, we can help. We can implement comprehensive fraud prevention tools seamlessly into the end-user experience for the very best in security and customer satisfaction. Contact us today at electronicverificationsystems.com.
