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Security a major concern for online credit card companies

August 2, 2012

One of the biggest issues facing credit card companies around the world is the issue of online credit card fraud.

One of the biggest issues facing credit card companies around the world is the issue of online credit card fraud. More people than ever are making payments through internet credit card terminals, making them a desirable target for greedy thieves.

In some cases, merchants selling goods or services online will use a security system to prevent these crimes from occurring. 3-D Secure, used throughout South Africa, provides this service to clients to reduce the number of stolen credit card numbers from being used, BusinessTech reports.

Some say that the while they were unhappy at first, the company had made positive changes.

ā€œIt used to be a major hurdle. When we first implemented 3-D in 2006, we noticed that almost half of all 3-D transactions were either failing or being abandoned (for various reasons). However, the system has improved dramatically and is working pretty well today,ā€ said Paul Harvey, head of PayGate, in an interview with the source.

All over the world, merchant services professionals are seeking to make online payment methods more secure. At one recent event in Las Vegas, the best ways to prevent fraud were discussed by those in the sector at the Black Hat conference.

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