Online payment frauds have been rampant. Around 38 percent of online merchants lose at least 6 percent of their revenue to such fraud. While the payment gateways bring much protection against payment fraud, there are still shortcomings. This review of Macropay on payment scams will elaborate on challenges that online payment gateway providers face.
Challenges to payment gateways to prevent scams
There are many ways scammers pull off payment frauds. Some are rash, but most are designed strategically and implemented to siphon off the most money without detection.
Fraudsters are also very innovative: they always remain ahead of payment technology providers that constantly add security layers to their infrastructure.
Here are some of the challenges online payment gateways are facing while trying to tackle scams:
Added verification to process payments
Payment gateways are adding extra verification fields to process online payments. In addition to the necessary card information, payment gateways are now also seeking information on addresses and ZIP codes. These verifications specifically try to tackle “card-not-present” fraud.
However, these added verification methods are not rock solid, and scammers often bypass them with authentic-looking information.
Payer authentication (3D secure PIN)
Payment gateways are now adding this extra layer of verification to process payments. It is an authentication PIN that consumers can create and use in the final payment step. It…
