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Whilst you don’t want to worry customers with any unnecessary conversations about fraud, you do want to reassure them that you’ve got their back.
Answer six questions to see what you can do to fight fraud more effectively.
1. Opayo – 2017 Payments Landscape Report
It’s mandatory for all businesses accepting card payments to obtain a PCI certificate. But there are different grades. High compliance levels reassure customers and card issuers alike.
Sage Pay is PCI-compliant to the highest level – PCI DSS level 1. For online transactions, this means you customers are certified to receive over six million transactions – ideal for businesses with plans to expand.
Immediately rejecting a transaction that looks suspicious isn’t always the right course of action. You risk losing a genuine sale. We help our retailers find the right balance using a partner called the 3rd Man.
The 3rd Man provides additional protections for Sage Pay customers. Whenever a transaction is processed through Sage Pay, the 3rd Man checks the data. They perform checks and provide a score for each transaction, indicating the possible fraud risk. We then use this rating to colour-code your transactions so you can decide where to focus your fraud-prevention efforts.
Using padlocks and trustmarks on your payments page helps show that you are security conscious. As does saying what steps you’ve taken. For example “You’re safe with us. We’ve invested in 128-bit SSL encryption.”
The following tools help minimise the risk of fraud and are becoming increasingly familiar parts of the online shopping experience:
Address and postcode verification
This allows you to use the address and postcode numerical values to verify that the card used for the transaction is registered to the address details that have been provided.
The CV2 check allows you to use the additional 3- or 4-digit security key that is usually found on the signature strip on the reverse of the card to verify the transaction.
In 2016, 3D Secure became the most-used fraud deterrent, with 20% of businesses using it. Across card types it’s known as “Verified by Visa”, “MasterCard SecureCode” and “SafeKey” for American Express.
When a shopper processes a transaction through an account with 3D Secure active, they are required to enter their password in order for the details to be validated against the card they are using for the transaction. Merchants who use 3D Secure can also benefit from reduced transaction costs from their acquirer.
This comes down to being able to view and report on your payments data in real-time and alongside data from other sources. The faster you can do this, the better equipped you’ll be to fight fraud.
Look for payment providers that give you a single portal to access all your transactional data – so you can access your in-store, online and phone sales data in one place.
On Sage Pay you can generate customised reports quickly and easily because our payment portal links directly to your back-end systems. Our support team can also prepare customised reports for you at no extra cost.
It seems obvious that if shoppers can pay with cards, channels and acquirers that they know and trust, they will feel that the transaction is more secure. It can be harder to put this into practice, especially in new markets, where different customers are used to different payment methods.
Some retailers have been making their payment pages dynamic, using IP and browser language data to identify which region a user is from. Dynamic payment software can then automatically put the most familiar payment types at the top of the page and show the bill in the most relevant currency.
A lot of retailers we talk to want their online checkout to be “like Amazon”. Meaning they want to offer customers one-click shopping. Tokenisation is the technology that makes this possible, allowing your customers to register their card on your website, without asking you to store the sensitive data on your servers.
When the customer shops online, tokenisation creates a token for new transactions, protecting sensitive data by replacing it with an algorithmically generated number.
So when an existing customer returns to buy something online, they don’t have to enter their card details again. Many retailers choose to ask for CVC details because it offers better fraud protection.
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My options for combatting fraud were frustratingly limited.