At Card Market, we strive to provide a full spectrum of gift card services to set our customers up for success. We not only provide quality gift card design and printing, but we also provide quality post-sale support to ensure that your gift cards are used in a safe and efficient manner. A major component of this support is our Fraud Shield, which reduces the amount of chargebacks by providing proactive protection.
While launching a gift card campaign for your retail business may seem fairly straightforward, unfortunately, it’s not as simple as designing an eye-catching card and putting it on display in your storefront (although this is definitely important). An often overlooked element of incorporating gift cards into your business is safety. But, don’t worry, we’ve got you covered!
In this article, we will discuss Card Market’s complimentary information security tool, Fraud Shield, and how it can protect your business from chargeback fraud.
Chargebacks, Fraudsters, and Security (Oh, My!)
Chargeback fraud occurs when a stolen credit card or credit card number is used to purchase a gift card, which is in turn used to purchase goods and services. Once the cardholder recognizes that their card was used to make a purchase they didn’t authorize, they contact their bank, which then charges back the transaction, taking the funds from your business and returning them to the cardholder. As you can imagine, chargebacks have the potential of causing serious financial damage to a retail business over time.
Unfortunately, chargeback fraud has become increasingly popular throughout the last year as the pandemic has made online shopping a go-to. With the number of Card-Not-Present transactions on the rise, the risk of gift card fraud will only make chargeback protection more important.
The Card Market Solution
Card Market Pro and Card Market Express users have complimentary access to our online Admin Panel to manage sales and customer service. This Admin Panel also provides our Fraud Shield, which screens for any suspicious gift card activity that might lead to a chargeback. The following steps are taken to protect your business:
- Block high-risk payments
- Hold suspicious transactions for review
- Create thresholds, which allow you to approve or deny via dashboard
Another proactive step that our Fraud Shield takes to protect you from fraudsters is by validating all incoming email addresses associated with the gift cards. By simply validating that the Virtual Card email address is valid and can receive mail, the Fraud Shield significantly reduces the amount of fraudulent transactions. Email addresses are also screened and, if they are found to have a history of past abuse, they are then denied and labeled as “disposable.”
Your Safety Matters to Us
We understand that running a retail business has a lot of moving parts, and when it’s all said and done, not many business owners have much time and energy left to also become cybersecurity experts—that’s why we are here to help. Our complimentary Admin Panel makes it easy for you to monitor transaction quality and clearly flags any suspicious activity that requires your attention.
Gift card campaigns should be a fun and lucrative marketing promotion, not a source of stress. Contact us today to schedule a consultation!