Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction? Before we get to the fraud part, let us first explain what card-not-present transactions are in general. Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and
Genome is all things finance! As we provide services for everyone – from individuals to companies and merchants. But it is not only about transfers and payments. Security plays a fundamental role in all financial processes.
Thus, today we are talking about the online account and card protection tools we offer our clients and what you get along with our services and debit cards!
Common safety instruments for your online accounts
You are already protected the moment you set your foot on Genome’s digital ground! That’s because we make sure that your every step on our territory is safe – starting from the onboarding. No matter where you are from – the EU, the UK, we cover it all!
When you apply for an account on our platform, you need to pass the identity verification. The process is quick and pretty simple: you will need to take a picture of your passport or id and then record a video selfie. The identification is necessary, as it allows us to deny the application attempts from potential fraudsters to keep our platform safe.
Once you start using the digital wallet, all your log-ins require two-step verification, meaning you will need to first enter your password and then an OTP you will get on your phone. The two-step verification is also enabled for all the outgoing payments. These are safety precautions, as we don’t want any unauthorized people using your account and making payments with these.
These instruments listed are only a part of our grand security strategy for users. After all, we are an EMI from Europe, licensed and supervised by the Bank of Lithuania, and abide by strict rules and regulations. Our EMI is PCI DSS, PSD2 compliant.
Virtual card protection
As for card protection, these cards are fully digital, meaning all the information contained on them is behind our two-step verification used both for logins and outgoing payments! By the way, the cards are available in EUR, GBP, USD!
Physical card protection
Physical debit cards are also available for all users. As these are physical cards, we wanted to give our clients an option to level up the card protection. This is why, when you order the physical Visa cards, you can request that they won’t have the number/CVV/expiration date printed on them. So, if your debit card gets lost or stolen, no one can use it without this crucial data.
The cards can be used anywhere in the EU, including the UK, where the Visa cards are accepted.
Security token for businesses
It is a relatively new but crucial addition to the security features we provide our corporate clients with. The Genome token is a physical device used to verify all the outgoing payments after they were initiated from a client’s business wallet.
The digital wallet owner is the one who has the device at all times, meaning no payments can be made without their permission. At the same time, the owner can leave the token to their authorized staff to make the payments while away on a vacation or a business trip.
This is how the token works:
- Once you get your token, make sure to set it up: come up with a 6-digit password to protect it. Then, bind it to Genome – you either need to fill in its serial number or use a camera feature in the app.
- If you want to make an outgoing payment, Genome will generate a code. Once you have it, use your token: first, enter your standard pun for the token, then – the Genome code. In response, the token will generate its OTP that you will need to fill in within the platform to complete the transfer. For more information, check out this blog.
Safe transactions for merchants
Accepting payments on a website entails certain risks – after all, scammers have it much easier when it comes to online purchases than at retail stores. That is why for safe transactions, we use services of the Covery anti-fraud platform.
It allows checking the identity of a person making a purchase using multiple factors, leaving no chance for fraudsters to scam you. The monitoring takes place in real-time. There are special restrictions and rules you can set to cater to your business.
And don’t forget that Genome complies with PCI DSS, GRPD, and PSD2, keeping your data and money secure.
Does using a credit card give you protection?
For a card owner – yes. A customer is protected from fraudulent websites and poor-quality goods with the ability to request chargebacks. Unfortunately, this type of card protection can be harmful to merchants, as some clients can abuse the system and use chargebacks to their benefit. Thus, for safe transactions, we recommend companies use anti-fraud and chargeback-prevention services.
What is a card protection plan?
It is a special financial service that some banks and companies offer. You can think of it as insurance for your credit and debit cards. In short, you need to find a bank or other provider that offers card protection plans, learn about the fees for their services, and if you agree with these, fill in the form to order protection in case your card gets lost, stolen, or subjected to fraud.
Are you protected using a debit card?
Yes, if your bank or financial service provider offers anti-fraud services. We described how your debit card and the online account could be protected above. But, at the same time, some security aspects depend entirely on the customer. For instance, not to give your personal data and be careful with what you post on the internet. Check out this article for more information.
What is card payment protection?
This card protection program works for credit card owners. By applying to it, you make sure that if something serious unexpectedly occurs in your life (i.e., job loss, illness, divorce, etc.), it allows you to temporarily freeze your payment obligations so your credit card balance doesn’t cross the critical thresholds.