A survey has revealed that many people believe payment fraud is a major problem that is yet to be resolved. As it is, the threat to the financial services sectoris only expected to be greater in the coming years. This is due to insufficient preparedness of the sector to deal with the ever evolving tactics used by phonies.
It is evident from people’s feedback that a great majority of people do not have faith in the possibility protection against fraud improving any time. Just a tiny ten percent believe that there is currently an effective solution in place to deal with fraud in the financial services sector.
The small percentage of people who feel that there is protection against fraud can be explained by the fact that there are diverse forms of fraud facing the economy. Some of these have been successfully addressed by players such as eMerchantBroker.com. EMB offers chargeback protection to merchants through its Chargeback Shield.
The popular fear is that firms are not prepared enough to combat what could be a major influx of cases within the coming months. However, if they turn to merchant chargeback providers, they can leverage the extensive partnerships of these chargeback providers and successfully fight chargeback fraud.Such partnerships mean that merchants are not only informed in good time about the event of a chargeback, but are also not left out of the dispute process.
Just a single chargeback alone can create unimaginable loss of money. But merchants that have protection or who enter prevention programs are sure to get chargeback notifications instantaneously so they can be proactive in the process and avoid unnecessary loss.
Some analysts also feel that corporate treasurers should have conversations with their banking partners. This should be directed toward establishing controls within the payments processing systems and accounts. With that, they can find better ways to implement multilevel defenses which would help them detect fraudulent activity.
These fears coming at a time when a lot of organizations are migrating to electronic payment systems from physical ones. Some companies already have a completely electronic system in place. Such are the ones that are already paper-free. It’s worth noting that a paper free payment system is free from paychecks-related fraud.
Other companies are expected to have their electronic systems implemented and fully operational within a couple of years. There is also another group of companies that believe the process may take a little while – threeyears for the least.
With the electronic systems still, companies must be prepared to implement measures to ensure a fraud-free environment. Despite this being a distant objective at the moment, it is something that can be attained eventually.
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