How Does An Online Gaming Merchant Account Help Prevent Various Credit Card Frauds?
Online gaming is tagged as high-risk for som e precise reasons. Daily transactions in millions and billions of dollars easily attract fraudsters. They try to get credit card details to commit financial fraud, which takes a high cost on the gaming players and the merchant. A gaming platform that cannot provide security to its customers closes soon after getting notorious. But the good thing is that the online gaming merchant accounts save merchants from credit card fraud and give them a friendly atmosphere to grow. Below you will read about the ways through which fraudsters try to get credit card details and how a merchant account holder can prevent it.
What is Credit Card Fraud?
A financial crime is when a fraudster uses a payment card (credit or debit card) to purchase a product or service. The credit card belongs to another person, and the fraudster steals the credit card details and uses them to make transactions for his criminal purposes.
How Do Fraudsters Perform Credit Card Fraud?
Hackers mainly commit financial crimes through credit card details, and they use several ways to get the details from an online gaming merchant account. Illegal practices become the prime tools to commit credit card fraud. Business owners must keep an eye on the popular ways of credit card fraud. It will help them work on innovative ways of protection.
Phishing
Phishing is an old but still widespread way to steal payment card details. It is among the oldest types of fraud in existence since the 1990s. The scammers use computer viruses or malware to get credit card details. Phishing emails usually come from a renowned bank that no one can doubt, and they typically ask for personal and banking details. They may also have links where they ask the targeted victim to enter his data, which is later used by the criminal to make a transaction.
Data breach
A data breach involves stealing confidential or protected data from an unauthorized person. The data is copied or transmitted to another illegal place, such as a website, to sell the data. Other terms for this type of fraud are data leak, unintentional information disclosure, information leakage, and data spill. A 6-year-old cyber-attack in the UK called TalkTalk cyberattack is proof. The data breach incident sold customer details for £1 each in this scam. A high-risk merchant account is among the favorite targets of fraudsters for a data breach. Gaming players invest a massive amount of money; thus, gaming platforms are a promising option to steal a lot of money through credit cards.
Honeypot
A honeypot scam is stealing credit card details when someone uses an unsecured Wi-Fi hotspot. It usually happens when people use the network of any public place such as a restaurant or a motel while traveling or any public place. Through the unsecured Wi-Fi, the hackers make access to the camera, microphone, and other mobile apps. Of a person. The criminals hope to get the credit card details if the mobile user makes a transaction.
The above ways are common across the world, and no need to mention that hackers use similar methods to steal details from a gaming payment gateway. Now, it is time to know how the merchant account helps prevent stealing credit card details.
How Does a Gaming Merchant Account Prevent Credit Card Fraud?
Merchants need strong support to keep their customers away from credit card fraud issues. They have many expectations from their gaming merchant accounts. The acquiring banks that provide merchant accounts to gaming merchants have all the arrangements to ensure the businesses’ and customers’ safety.
PCI-DSS compliance, Payment Card Industry Data Security Standard of gaming merchant accounts keeps credit card details safe. It is a regulatory condition that every acquirer has to fulfill. All high-risk account-providing banks must first ensure they implement the safety measures required to process credit card transactions. The 3D verification technology also works great.
Automated suspicious customer account detection technology installed in a merchant account sends an alert to the merchant on doubtful e-mail addresses. For example – hjfskbfks@gmail.com looks like an unauthentic e-mail identity. The automated system stops the transaction before completion that is done through a customer account with such an e-mail address.
Timely reports on patterns frequently used in fraudulent orders help merchants spot fake orders and accounts. Sometimes some groups give repeated orders with the same theme. The timely analytical reports about the doubtful transactions keep the merchants on alert. This tactic helps a business create a stronger fraud protection strategy.
Encryption and tokenization technologies ensure a safe transfer of credit card details in the form of codes that cannot be decoded. Only the authorized key holders store the information. In both technologies, the responsibilities are segregated among different people. The one who makes security keys cannot access the data, which works in a vice-versa manner. The credit card details are only in the access of the concerned acquiring bank and the payment gateway. It means that even in an organization, the customers’ information is not accessible.
Conclusion
The significance of gaming merchant accounts is timeless as a strong shield for the merchants against the tiniest and the most hazardous financial fraud. It fills the merchants with confidence that they can operate in a risky market and earn a lot of profit. The gaming industry has grown significantly with the technology that keeps it safe from tricky people. Whether it is about a friendly fraud or a data breach incident, a merchant account is always ready to help a business run smoothly. It is only due to the intelligent FinTech solutions that, despite uncertainty in the international market nowadays, high-risk gaming businesses are growing. Are you looking for safety against credit card fraud in your gaming business? It is time to shortlist the smarter options. Eskaypay online gaming merchant account solutions are well-known for proficient high-risk account services.
