How CyberBit Helps Prevent Credit Card Scams

By: Michiel Van Kets
Submitted: 2008-05-02 13:52:44
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Credit card fraud online is on the increase and the impact it has for online businesses can be damaging and disastrous. There are many risks to face when running an Internet business as you can’t know for definite whose credit card you are actually charging. If the card is stolen, the customer could dispute the charges after the package is shipped or a resentful competitor could put in an order for a large shipment and then dispute the charges and consequently you get huge charge-back penalties. To try and prevent credit card scams you need to acquire a reliable, efficient anti-fraud system that can offer full protection to your online business from fraudulent transactions, such as VFraud, produced by CyberBit.

CyberBit is an internet payment service provider, a credit card processing company and payment gateway. For a proficient and safe method of accepting credit card payments online, CyberBit offers a merchant account that enables transactions to be managed at low costs using a high level of security. The company uses the latest technology and many years experience and knowledge to help combat credit cards scams online. CyberBit applies the most up-to-date SSL (Secure Socket Layer) technology for online transactions and uses encryption algorithms to ensure customer data is secure within their databases. Using data collected on internet credit card processing behaviour they have developed a system to reduce fraudulent transactions known as VFraud.

Reduced fraudulent transactions from credit card scams will mean better profits for your business. There are a number of anti-fraud tools included in VFraud such as IP and country comparison, high risk country detection, BIN and country comparison, free email detection, transaction behaviour and transaction velocity. Easy to use, the system can be linked to an already set up website and will work immediately. A fully self-serviced system, once the account is created, load it with the number of transactions needed to run through VFraud and set up the filters as required and you are then protected from 98% of known frauds. VFraud exposes thousands of credit card scams every day.

CyberBit is constantly updating VFraud. Each time a report of a new type of fraud is received, they attach a device to the system to avoid it happening again. In most circumstances CyberBit are able to alert you to the fraudulent order. As soon as an alert is sounded action can be taken straight away as the system works in real time. Another advantage of the system is that data from previous alerts allows it to compare real-time data with historical data, ensuring you are protected from persistent fraudsters.

If your company already has a gateway and bank and you don’t wish to change, then CyberBit will offer the choice of staying with your original providers and can supply the VFraud system alone. VFraud is the only system developed to offer full protection to your online business, popular with both large and medium-sized payment service providers and financial organisations. The system can be extended with new anti fraud shields and is one of a kind.

Companies that have acquired CyberBit’s anti-fraud system, VFraud, have seen for themselves the number of credit card scams reduced significantly. In turn, costs of chargeback penalties and cardholder requests also decline and ultimately profits rise.

Michiel Van Kets reviews how Cyberbit prevents scams. Cyberbit is a payment service provider and they developed a system that reduces fraudulent transactions and prevents scams; VFraud.

Article source: Expert Articles

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