It’s a moment we all dread. You pick the monthly bank statement up off the doormat after work, scan down the lines of payments into and out of your account, and your heart stops as you notice something that shouldn’t be there. A payment you didn’t authorise. Money stolen from your account. You've just experienced Push Fraud.
Sadly, scenes like this are on the up, consumer group Which? has stated. 'Push' Fraud, as this type of activity is named, has become so widespread that the Payments System Regulator (PSR) has issued a call to action for banks to change how they work.
But what is Push Fraud and how can your Cloud ERP software's integration with payment methods such as Sage Pay, protect your customers from online crime?
Push Fraud Explained
Push Fraud is where victims are misled, commonly by email or phone call, into surrendering bank account information so that criminals can part them from their money.
The fraudsters often pose as reputable figures, such as bank clerks or estate agents, and can be highly convincing. Victims can lose tens of thousands pounds overnight, and if stolen by bank transfer, the act is irreversible.
Many assume that, following fraud, banks reimburse victims the full amount automatically. But not only are they not obliged to admit liability, on average the only cover consumers for up to a third of the amount stolen.
The PSR hasn’t gone as far as to compel banks to refund victims 100% of their money 100% of the time, but has recommended that they adopt a series of countermeasures.
These include banks collecting more data on when fraud occurs, and the amounts involved, as well as refining fraud detection measures and the industry developing a common approach to the issue.
From individuals’ standpoint, fraud prevention is a matter of following several, common-sense pieces of advice. For example, no-one will ever ask you to disclose security details, such as sort codes or PIN numbers, so never assume authenticity and don’t be pressed into making a decision you’ll later regret.
But how can you, as a business, protect your customers?
Trust Sage Pay, Trust Khaos Control Cloud
As a platinum partner, we’ve worked with Sage Pay for over a decade.
Because they are one of Europe’s most trusted online payment processing solutions, working with over 50,000 companies to securely process millions of transactions every month.
Their infrastructure is robust, their tokenisation technology means that we never store raw credit card data on your behalf and they are PCI-DSS Level 1 accredited.
But what does that mean for you and your customers?
PCI-DSS is an internationally recognised standard of security. There are four levels of compliance, with Level 1 being the highest. This is only awarded if an online payments firm can prove that; its networks and IT infrastructure are fully secured, it protects cardholder data, it constantly monitors its systems to the fullest possible extent.
Sage Pay also deploys a powerful range of tools, including 3rd Man validated checks, as part of their Fraud Screening system. This helps to protect you and your customers.
Per transaction, checks include:
- If their name is in their email address and if its domain is unusual
- The customer's IP address, indicating their location
- Whether a telephone number's been provided and if it's a landline
- Discrepancies between billing and delivery address
- If customer data matches that on file for their credit card
- Card use frequency
- Transaction value
- Delivery location; particularly to third party addresses and / or high-risk postal areas
- What is being purchased
With Khaos Control Cloud’s Sage Pay integration, you can trust in the fact that you have a payment solution in place that gives you and your customers the best chance of avoiding Push Fraud and other scams.
Sign up for a free demo today and experience the difference for yourself.
Please Note: This article was edited on 21/02/2018 to reflect Khaos Control Cloud's updated process re: trials.