Creating A Secure High-risk Merchant Account In 2023

By Author: sifip
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Along with COVID-19, there was a significant increase in cybercrime. Unfortunately, high-risk merchants like collection agencies, online pharmacies, and CBD businesses are particularly vulnerable to cyber-attacks. As a result, merchants must stay current on the latest developments in merchant account security. Even better, if you choose a payment provider or online payment gateway India that provides cutting-edge tools and solutions, you can be confident that your high-risk merchant account is evolving to incorporate the most recent security technology as new threats emerge.

Review Your Current Security Options
The first step in ensuring a secure high-risk merchant account is to review the offerings of your current payment provider. This test should be performed once a year to ensure that your processor is in good working order. Don't be afraid to ask clarifying questions to ensure you're getting the most bang for your buck. While some security solutions may be costly, failing to upgrade your high-risk merchant account jeopardises your company's online financial security.

Must-Have Security Features
There ...
... is no reason to deny high-risk merchants access to industry-standard fraud prevention technologies simply because they are risky. Many of these tools are entirely free; all you have to do is figure out what they are. These merchant account services, which are typically available through your best online payment gateway, will provide a secure environment for financial transactions without breaking the bank.
Let's take a look at some common fraud prevention measures you should implement right away to ensure the security of your high-risk merchant account.

AVS Response
To ensure a match, the Address Verification System compares the billing street and zip code on file with the customer's issuing bank.

Bin Type Blocker
This security feature allows you to accept or reject cards based on their type (credit, debit, prepaid, and unknown) and issuer (Visa, MasterCard, American Express, and Discover).

Country Blocker
This feature allows you to reject or accept transactions based on their origin country.

Credit Card Blocker
Payment gateways frequently maintain a list of known fraudulent/stolen credit card numbers. Enable the option to deny cards on your gateway's list.

Duplicate Detection
The module can be used to find and remove duplicate transactions. It's commonly used to avoid double charges in shopping carts.

Email Blocker
You can use this fraud tool to approve or reject transactions based on the customer's unique email address or domain.

Multiple Credit Cards
This option is primarily used to prevent fraud victims from testing stolen credit card numbers using your high-risk merchant account. It can be used to block transactions when a large number of cards are processed/rejected in a short period of time.

Transaction Amount
Any transactions that exceed the transaction amount range you specify will be rejected.

Security Matters
Finally, it's always a good idea to stay current on the latest security measures for your high-risk merchant account. However, juggling so many other responsibilities, such as running a business and staying current with marketing trends, makes it difficult.