2015-07-10

In partnership with payment industry leaders, MONEXgroup protects its merchants by enacting stringent security standards toward payment fraud prevention and provides stakeholders with the highest level of PCI security standards and compliance.

Major card companies including: Visa®, MasterCard®, Discover®, American Express® and Interac® have established comprehensive programs to protect the merchant and the consumer. Such programs ensure the adherence of merchant service providers to comply with Payment Card Industry (PCI) data security standards which are recognized internationally. The requirements are geared towards processing transactions securely, which requires an authentic payment fraud prevention system.

These PCI data security standards are introduced to payment processing solutions at their development stages. The manufacturers of Countertop POS Solutions in Canada (e.g.: Verifone and Ingenico) and eCommerce Solutions (e.g.: Orbital Payment Gateway), have incorporated payment fraud prevention by setting up data configuration systems which accept payment processing from a variety of debit, credit and gift cards. The PCI data security standards are supported by a secure network that is installed and maintained through firewall configurations to protect the cardholder information against fraud and card breaches.

Such security measurements are further enhanced by EMV Chip technology for “card-present” payments on physical POS terminals, and with EMV Tokenization for online and virtual payments. The encryption of cardholder data and sensitive information across public networks reinforces the PCI data security standard and compliance.

Hence, merchants can now accept payments in-store, on-the-go and online through a secure channel known as the network information security program. Each card provider has launched a specific information security channel and joined the network with other card providers to provide merchants with a stress-free solution that is supported by merchant service providers and backed-up by financial institutions (i.e. banks). For instance, the PCI Data Protection Standard for Visa is Cardholder Information Security program (CISP), MasterCard is Site Data Protection program (SDP) and Discover Network is Discover Information Security and Compliance program (DISC).

POS Payment Fraud Prevention

In order to protect your business and process payments securely, the POS system’s payment fraud prevention allows you to accept debit and credit cards with confidence and convenience. Today’s technology in payment processing has enhanced the payment fraud prevention system to provide your business with a state-of-the-art solution to ensure the adoption to the latest PCI compliant technology in:

POS Payment Fraud Prevention Standards:

Account Verification System which supports POS equipment with CVV2/CVC2 Card Security Verification (CVV2 by Visa®, CVC2 by MasterCard®, CID by American Express® and Discover Cards®) with supported key-in password or PIN for protection and faster checkout.

Authenticated Use of Card which is supported by Chip & Pin technology for payment fraud prevention against lost, stolen or counterfeit cards. Also, signature verification of cardholder is utilized to eliminate merchant’s accountability and to reduce the risk of chargeback.

Online Reporting which provides merchants with full accessibility to transaction data and report generation.



When integrated with your operations management, such POS payment fraud prevention solutions will deliver speed of service, accuracy, reliability and security of payment processing. Supported by EMV Chip Technology, the in-store and on-the-go POS terminals operate by following a standard process with embedded risk reduction configuration.  Reported by EMVCanada.com Merchant Network and Opportunities, the POS terminal is built to support payment fraud prevention programs through tip & chip technology, chip card versus magnetic stripe, contactless cards through tap & go technology, and loyalty programs. Simply, all aspects of the POS device are supported with the necessary technology to provide convenience and improved customer service at the point of checkout.

Online Payment Fraud Prevention

The ecommerce and virtual platforms for merchant services are the most attractive and attainable solutions for merchants. The accessibility of use and infinite exposure allows merchants to hit every smart phone user through an intelligent dashboard built for extensive reach, security and online payment fraud prevention program.

EMV Chip Technology for online payment fraud prevention differs in its payment processing feature. Founded by authorized card issuers, the EMV Technology has evolved to provide virtual users with EMV Tokenization, compatible with American Express®, Discover®, JCB, UnionPay, Visa® and MasterCard®.

Online Payment Fraud Prevention Standards:

Account Verification System (AVS) which verifies the cardholder’s billing address.

Card Security Verification (CVV2 by Visa®, CVC2 by MasterCard®, CID by American Express® and Discover Cards®) which checks the non-embossed 3-4 digits code against the card issuer on file via payment fraud prevention and security programs.

Payment Brand Data Security which allows for systematic compliance of your payment fraud prevention system to the payment brand security programs.



The secure data handling infrastructure for financial payment fraud prevention systems has allowed merchants to process transactions online without storing the cardholder data in their systems, yet provide users with Cardholder Verification Methods (CVMs) that are aligned with various ISO standards. And to eliminate the misuse of data, the payment token is limited to a specific merchant or channel, identified as specific domain. The main benefit for card issuers, cardholders and merchants is the payment fraud prevention and processing networks which support a variety of payments in a secured manner with improved transaction approval levels and reduced risk of fraud or data breach  (EMV®* Payment Tokenization Specification – 2014, EMVco.com).

“Manage your merchant account with MONEXgroup” – which supports the most secure payment fraud prevention program provided by a credible merchant service provider with over a decade of experience in the Canadian market. Contact our industry specialists for suggested solutions.

When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of service and lower the related costs. Request a Cost Comparison Analysis today.

Call: 1.866.767.7253 and ask about our latest promotion.

Sara Atie

MONEXgroup

Marketing Communications Specialist
satie@MONEXgroup.com

T: 1.866.286.7787 – EXT: 240

The post Payment Fraud Prevention & Secure Merchant Processing Services appeared first on MONEXgroup | Debit & Credit Card Processing.

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