Phone and Card-Not-Present Payment Fraud
Big Risks for your Business from Phone Order and Card-Not-Present Payments
Fraud isn't just a buzzword—it's a massive threat. Check out these 2024 figures on payment fraud across key regions:
These numbers scream one thing: Card-Npt-Present (CNP) fraud is skyrocketing, and phone orders are prime targets. In Europe alone, it's up a whopping 84% in CNP share. If your business handles phone payments, you're playing in this high-stakes arena.
PCI DSS: The Rulebook You Can't Ignore
Enter PCI DSS (Payment Card Industry Data Security Standard)—the blueprint for protecting card data. It applies to all payment channels, including phone orders. Key takeaways?
- Risk-mitigation tech like EMV Card Chips and 3D Secure Authorization has slashed card-present fraud, pushing crooks toward CNP.
- Requirements cover mail, phone, and e-commerce—no exceptions.
- For phone-specific guidance, check out the PCI Standard for Telephone Payments: Protecting Telephone-Based Payment Card Data.
Bottom line: Non-compliance isn't just risky; it's expensive.
The Human Factor: Your Team Could Be the Weakest Link
People are the heart of your business, but they're also the biggest fraud risk. Anyone with access to card data falls under PCI DSS scrutiny. Here's how to tighten up:
- Policies Matter: Ensure card data is shielded from unauthorized eyes.
- No Storing Sensitive Info: Ditch the CVV code post-transaction—no writing it down!
- Ban Risky Tools: No notebooks, phones, cameras, or recording devices near payment areas.
- Training is Key: Educate employees and supervisors on proper handling and spotting red flags, like unusually large orders.
Suspicious behaviors? Train your team to flag them early. It's about creating a culture of security.
Enter Conversational Payments: Say Goodbye to CNP Fraud
What if you could eliminate these headaches? That's where Payemoji's Conversational Payments come in—a game-changer that turns risky phone orders into secure, chat-based magic. Here's the simple flow:
- Customer Receives Request: A friendly message pops up in their messaging app.
- Customer Pays: Secure options like Google/Apple Pay or credit card—right in the chat.
- Customer Receives Confirmation: Instant receipt and peace of mind.
- Engage with Conversational AI: Keep the conversation going for upsells or support.
No more sharing card details over the phone. It's fast, fraud-proof, and feels like a natural chat. 💬🔒
The Game-Changing Benefits for Merchants Like You
Switching to Conversational Payments isn't just about dodging risks—it's about boosting your bottom line. Here's what you gain:
- ✅ Eliminate Chargebacks: Secure requests protect your revenue from fraud disputes.
- ✅ Simplify Payments: Effortlessly handle one-time or recurring payments.
- ✅ Automate Reminders: Send friendly nudges to keep cash flowing.
- ✅ Manage with Ease: A powerful dashboard for searches, downloads, and reports.
- ✅ Boost Engagement: Use AI for personalized chats that drive more sales.
Imagine turning every payment into an opportunity for conversation—and more revenue!
Turning Payments into Conversations (And More Sales)
At Payemoji, we're not just processing payments; we're revolutionizing them. By ditching outdated phone methods for conversational AI, you're not only safer—you're smarter. Ready to protect your business and supercharge sales? Dive into Payemoji today and let's chat about how we can help. 🚀
What are your biggest payment pains? Drop a comment below—we'd love to hear! For more insights, visit payemoji.com.
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