Doing business online is no longer an oddity, but the norm, and
companies desiring to remain competitive have to maintain
some form of online presence. Doing business online means a
company has to be able to efficiently, reliably, and securely take payments
from consumers and other merchants. This book is written to
provide the essential information companies need to find, assess, and
select the right fraud management options they will need for their
electronic commerce (e-commerce) channels.
As an essentials guide, the depth of coverage is intended to provide
an introduction and working knowledge of e-commerce payments and
fraud. This book provides the basic concepts around payment flow and
management as well as the ways fraud is perpetrated, along with writeups
that define and provide best practices on the most commonly used
fraud-prevention techniques. This book will not go into any detailed
strategy design because strategies are proprietary and, once made public,
are rendered obsolete.
Payments and fraud go hand and hand. Fraud is nothing new to the
merchant. Since the beginning of time, man has always looked for the
opportunity to defraud others—to gain goods or services without making
payment. For the e-commerce channels, fraud is a part of doing
business, and is something that is always a challenge. The merchants that
are the best at preventing fraud are the ones that can adapt to change
quickly.