Ow Businesses can protect themselves from fraud in an ecommerce environment.
I need a paper on the above topic folloing the tone of the introduction shown below with the fololowing requirements:
To achieve a successful project experience and outcome, you are expected to meet the following requirements.
a?Demonstrate fundamental knowledge of business
a?Use error-free writing that provides a logical flow of ideas
a?Use at least four references
With a consistent increase in online ecommerce it is clear more customers are turning to the Internet to shop. While discussions on keeping transactions in a cyber marketplace safe tend to focus on the customer, it is important to remember there are two sides to the transaction. Both customer and merchant can be affected by fraud. While customers have many assurances by their card issuing banks through companies like, Visa, MasterCard, Discover and American Express merchants have limited recourse in fighting fraud once it has occurred. Once a bank flags a transaction as fraudulent outright or in dispute for research for a claim of fraud, the money for the transaction is immediately taken from the merchantas account. This leaves the merchant to begin a process of research, documentation and rebuttal to defend the transaction and or the detail of the transaction through its card processoras chargeback division. A merchant can process a transaction, following all of the rules of the card issuing banks and still end up losing the payment for the transaction through no fault of their own. The bank has little incentive to return the funds to the merchant and it is unlikely they will do any research on the claim of the customer. In many cases customers are able to make this claim without even requiring anything more than a verbal complaint by a customer. Finding ways to monitor activity and proactively identify possible fraud can be costly and labor intensive for companies. When a transaction is fraudulent, and there are many different ways customers can defraud a business, the merchant is left to suffer the financial impact more often than not. It is important for online merchants to take steps to minimize risk and protect their business from possible financial loss from fraudulent transactions. With well thought out protocols and increased customer touch points a company can be more confident in doing business over the internet.